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Monday, May 11, 2015

11/05/2015, MONDAY




1)Wanted to long @ PDH on re testing. That didn’t happen

2) Again wanted to long at BRN, when this DP gets re tested. That too dodn’t happen.

3) Longed on what looked like CPB. Gave 5 points. Too much of chop around XX20.

Disclaimer: I am not a Research Analyst, registered with SEBI/MCX or any Exchange. 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.

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12 comments:

  1. CharlesMay 11, 2015 at 3:33 PM

    Hi, Thanks for the post. What you mean by CPB ? The spike at the end; is the failure of PP break at NS RN ?

    ReplyDelete
  2. nifty for breadMay 11, 2015 at 3:45 PM

    Hi,

    Complex Pull back.

    Thanks,
    S.Karthikeyan

    ReplyDelete
  3. UnknownMay 11, 2015 at 5:32 PM

    Hi Karthikeyan,
    Today's open is a Gap up open breaking the sideways range resistance formed in the yesterday's afternoon session. When clear evidence of weakness is shown against the breakout(here in the downward direction) at the breakout point, take the entry using stop order if the risk:reward is good. Market generally won't give a second retest in this kind of scenarios. I have taken that first entry and the results were sweet. :)

    ReplyDelete
    Replies
    1. nifty for breadMay 11, 2015 at 5:50 PM

      Hi Jagadeesh,

      Yes, You are absolutely right.

      I find it very difficult to enter longs bit away from DP, due to the bitter experiences of the past. This is a major flaw in my trading. I have to overcome the inhibition and take the plunge, in case of such high probability set ups.

      Thanks,
      S.Karthikeyan

      Delete
    2. UnknownMay 11, 2015 at 6:18 PM

      Don't worry. Setbacks are a boon to our traders. When enough of those are done, it turns into a fantastic lesson at the end. :)

      Delete
    3. nifty for breadMay 11, 2015 at 6:40 PM

      Thanks a lot. If you don't mind, can you please say how long it took for you to win consistently?

      S.Karthikeyan

      Delete
    4. UnknownMay 11, 2015 at 6:53 PM

      I am a YTC price action trader and things were very very bad. I have almost done all the mistakes in trading.. :D. It has taken me around 2 years to understand and make things work for me. :)
      You can visit www.discretionary-trading.com . It's my website.

      Delete
    5. nifty for breadMay 11, 2015 at 7:30 PM

      Thanks. I just glanced through your website. Looks Great! You have uploaded plenty of great stuff. I will go through all of it and gather as much as I can.

      S.Karthikeyan

      Delete
    6. UnknownMay 11, 2015 at 7:32 PM

      Thanks for your kind words.. :)

      Delete
  4. UnknownMay 11, 2015 at 5:34 PM

    This comment has been removed by the author.

    ReplyDelete
  5. AnonymousMay 11, 2015 at 8:28 PM

    Curious why you skipped the BOF based on the prev swing high taken out. Where you marked swing high @ 3, it actually took the earlier swing high (6 bars prior) which was a BOF of the range.
    Thank you...

    ReplyDelete
    Replies
    1. nifty for breadMay 11, 2015 at 9:16 PM

      I thought that it took a little too long for the price to come up after the second push down and hence skipped the Long at the location, you refer to. This morphed into TRAP.

      I took the Long on the next instance, because the TRAP failed to test 1.24 candle swing low. This was my thought process during live market.

      In hindsight,I failed to notice the engulfing of the Range Low and failed to play the new Engulfed Range Low. If I had noticed engulfing, I would not have missed the last move up.

      Thanks
      S.Karthikeyan

      Delete

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