Opened just below PDH with inside gap up.
1) Went Long on BPB of PDH. Expected price to at least BRN. Not to be. Stopped out. -8 points.
2) What followed was Absorption just below BRN. Took FTC short at the breach of consolidation low. Got 10 points.
3) Hesitatingly shorted BOF PDH, hoping that tomorrow being holiday, longs will be exiting. Stopped out. -6 points.Should have followed the good old rule of trading only at Range extremes, in case of NR days.
4) Did not short BOF BRN as it was already 2.55 PM.
Dear KS,
ReplyDeleteThanks for updating and posting ur trade, i m your regular visitor and compare my chart with yours for learning purpose.
Your last trade, short of BOF PDH , that time i was watching live chart and was having same thought process as yours, but later i avoided it bcos of 2 reasons, first is space limitation as DO was there to give support and second is loss DP significance price was hovering around it ( 4 bars hover around it ).
You do you think , is it correct thought process.
MT
Dear Mendi Trader,
ReplyDeleteFirst, I must confess that I am still a learner. Now only I have reached a stage of no loss, no gain. Request you to attach only as much (or less) importance to my opinions, as you will, to any learner's. Having said that I like to interact with like minded people and discuss a lot, for the mutual betterment of our trading.
Regarding my last trade - I agree with you. LOD was a strong support and there was no space with LOD. Further PDH had also lost its significance. If tomorrow is not a holiday, I would not have taken that trade. Expected the exit of critical mass(swing traders Longs) and was looking for a reason to enter shorts. Waited for too long to get BOF at HOD/BRN confluence. As it did not seem to happen, shorted in haste. Lesson learnt. Finally BOF BRN/HOD came too late.
Thanks for your visit and comment. Request you to start a blog and post your trades. We can learn something from you. Look forward to mutually beneficial discussions.
Best Regards,
S.Karthikeyan
Dear KS,
ReplyDeleteYou have rightly said that one should trade at extremes in such range bound days, entering at mid way is low probability trade and also poor RR. I have messed up many times in such situation only came to know at EOD that I was struggling in between 2 extremes. I am also learning it like you and other friends and it is a wonderful journey.
I was not able to morning session so traded afternoon session.Only 1 trade for me ,BOF of BRN and DH ( entered at xx03), TP taken xx92, it was very early thinking that last pivot low support will hold, but i went down till IRL , my bad habit to book early is hard to Die.
Regards
TM