Another Gap up. Was not interested in taking upRBPB Longs. Was looking for TST/BOF @ RL.
1)Longed @ TST/RL. Gave 2 points.
2) Longed @ BOF/RL. Gave 6 points.
Was a choppy day.
Disclaimer: I am not a Research Analyst, registered with SEBI. I maintain this blog only for my own learning purpose and recording my thoughts on intraday activity of Market. I do not give any kind of trading advice to anyone. My methods will result in severe losses. Hence please do not follow me.
Goodevening Karthikeyan
ReplyDeleteIs it TST/RL, i think it should be TST/DO.
It was very tough day to predict the entry
Thanks
Raju
Good evening Raju,
DeleteI thought that DO is acting as Flipzone. Consolidation bar at that level held for 30 minutes, which made me think that a new RL is in the making. Price could not break below that level after making 2 attempts. As I am thinking of only taking WT trades, I give the benefit of doubt only in favor of WT trades. I was sure that the worst possible scenario is a Scratch, and not a "10+ pts. SL" getting filled. Would like to know from you. whether anything is wrong with my thought process.
Thanks.
S.Karthikeyan
Karthikeyan,
DeleteI am not that much expert in analysing the entry, but the second entry is very good entry and if you would have kept your stoploss below DP, you would be getting a good profit today (see the full chart the low point in your trade is 8761 after that it moved up to 8787)
In my case i kept SL -10 pts from entry below DP. My entry was 8772 (SL at 8762) and it went below to 8763.3 and moved up to 8785.
I know when i trade with real money, i may also get panic and try to step out.
But this is the area we need some improvements always.
Sorry if my thoughts are in wrong side.
Thanks
Raju
Raju,
DeleteNo need to say sorry. You are right. Trailing has been a perennial problem for me. I kept the initial SL at XX53. I moved it up after the price was strongly resisted. Should improve on this aspect of trading.
Thanks,
S.Karthikeyan
Hi KS,
ReplyDeleteMy trade was same as your second trade (8769.95) with a stop of 8759 , I showed some courage when Market was testing my patience and got rewarded at the end. I am missing NF chart of MT4.
My trade
http://screencast.com/t/5bLpuiuwg
Thanks,
Arvind
Hi Arvind,
DeleteNice trade. You enterted bit early and so you could afford to wait little longer. I expected the RL to act as FZ and delayed the entry till the price strongly breached it. Every day we learn something.
MT4 is showing spot quotes. So I am using Market Calls.
Thanks,
S.Karthikeyan