Price hovered around TVP @ DO.
Expected sideways Market.
1) Shorted PDH BOF. Got 20 points. It was a retail entry. Could not spot any clean signal to take
the trade outside the Range.
2) Wanted to short on PB. But
acceleration was too good. Hence skipped it.
3) Missed a good BOF, as Net
connectivity problem was there.
4) Shorted at the same location. Got 6 points.
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.
Hi SK,
ReplyDeleteNice trades. Keep going. :)
Thanks Jagadeesh
DeleteKarthikeyan,
ReplyDeleteWhat was the difference between the accerelation up to 11.36 which you avoided taking counter trend trade and accecerelation upto 14.30 wher u took short where earlier it was failure action was there. at range low expecting range brekout .
Thanks
Bharat
Hi Bharat,
ReplyDeleteAt 11.36 candle, I was thinking of shorting on Pull back. There was a strong chance for PB ending somewhere around XX73.35, low of 10.57 candle(acting as flip zone). Eventually PB was halted here and price started moving down. Here I didn't short, as I wanted to wait for a probable second attempt, because the acceleration was just too much, evident from the increasing size of the successive green candles. But price went down without making a second attempt to go up and hence I had to miss this.
In case of 14.30 trade, it was not a short on Pull back. It was BOF of Range boundary. 11.03 candle high became a Range boundary after 4 pivots(2 swing highs and 2 swing lows, marked 1,2,3 and 4 in blue) were made between it and the lowest low of the swing,11.21 candle low. In this trade also, acceleration was good. So, I waited till 2 attempts to go up failed and then shorted.
Trust this helps. I am learning these set ups from Jagadeesh.(http://www.discretionary-trading.com/23062015_nifty/#comment-936) So, I am not sure, whether I am 100% right.
Thanks
S.Karthikeyan