Opened above PDH and got sold out, till getting supported just above MSP. Price didn't come above PDH, which means both all favorable longs and shorts can be taken.
1) Longed, hesitatingly @ TST LOD, despite of seeing LHLL. Gave 2 points.
2)Skipped BOF LOD, as I thought that LHLL formation will resist the upmove. Was wrong.
3) When price fell below PDH, was looking for a PB to short. But price fell too quickly. Should have placed a direct BO Short.
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Hi Karthikeyan Good evening
ReplyDeleteHow you place the stoploss orders Is it fixed points or below DP.
There was a strong resistance near 8350 NS today.
What is LHLL formation
Raju
Hi Raju, Good evening.
ReplyDeleteI place the initial SL at the swing high/low or 13 points beyond my entry point, whichever is lower. In both cases it will be beyond DP. I am still working on this aspect.
LHLL - Lower High/Lower Low
8350 NS was the HOD. The price fell below PDH, after settling above PDH and failing to move further up. It was a vertical fall. I have seen this happening a few times. Must change the way we deal with this situation, I think.
S.Karthikeyan