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Thursday, May 14, 2015

14/05/2015, THURSDAY




Started trading late in the morning.

1) Shorted when BRN resisted. Got 6 points. 

2) Longed at RL. BRN resisted. Got 8 points.

3) Looked like buys were getting absorbed at BRN. Shorted bit late. Got just 2 points.

4) Longed at BRN. Got just 6 points.

5)Price could not go up even after 3 attempts. First kept the short at XX97.70. Lost focus and moved it up to swing low at XX03. Stopped out. Gave 8 points. If the entry was not preponed, this losing trade could have been avoided.

6) Now it is evident that BRN will hold. The pattern morphed into Spike and Ledge. Didn’t expect this pattern at BRN near HOD.  Longed hesitatingly. Got 20 points.
Very very tough day for day trading.

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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4 comments:

  1. UnknownMay 14, 2015 at 3:33 PM

    Hi Karthikeyan,
    It was really tough. But one thing, why you haven't considered the sideways range boudaries that formed yesterday's afternoon session. Lot of good trades are there around that area today.

    ReplyDelete
    Replies
    1. nifty for breadMay 14, 2015 at 7:20 PM

      Hi Jagadeesh,

      You are right.

      I took a lot of trades. Except the 4th and 6th trades, I was not sure abt other trades, when I took them. A lot more to learn.

      Thanks
      S.Karthikeyan

      Delete
  2. AnonymousMay 15, 2015 at 8:26 AM

    Thanks for the chart.
    1. For your 1st trade, where did you actually short? Low of which bar?
    2. Did you have enough room for trade 2 & 5 to BRN?
    3. After the move from open to HOD, the bias was long to buy pullbacks. #3 short a CT trade? Also wasn't the range low very close?
    4. Where you exited the short of #3, that was a BOF of the range low. Curious why you skipped that trade? Was a tricky trade with 3rd LL.
    5. Trade 4 & 6 were very good trades. With the trend and had enough room.

    Thanks,

    ReplyDelete
  3. nifty for breadMay 15, 2015 at 11:19 AM

    Hi,
    1) For the first trade, I took a blind short at XX97.70, as I was convinced that price will not go up before testing or breaking XX77, the swing pivot from where this move originated.I expected the price to break XX77, but that didn't happen.

    2) Trade 2 - There was enough space with BRN. I entered at XX82. Trade 5 - There was no space with BRN. Out of my greed for a few points, I had to pay the price.

    3) When repeated attempts to break BRN fail, it indicates that buys are being absorbed. When bulls give up, a big fall can happen, breaking RL. Here again, my entry was too late.

    4)around xx83

    5) Yes. Was very difficult to trade, yday.

    Thanks,
    S.Karthikeyan

    ReplyDelete

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