13/10/2014

New week opened with a WT outside Gap down.

1) Marking of IRH was wrong. Shorted BOF of IRH. Stopped out. -5.5 points.

2)Price moved above IRH. As it was a strong flip zone in Hour time frame, did not go Long here. But price moved up well. Completely misread the price action. As Daveji mentioned price has hit Day time frame flip zone and reversed.

3) Did not go Long at BPB BRN, as I wanted to see candle bodies on the BO side. When strong BO happened, it came too close to BRN SPOT, preventing Long.

4)Third attempt to break HOD/BRN Spot  failed and it looked like BOF.  Thought that there will be exit of critical mass here and shorted. Not to be. Got   5.5 points.    

  

17/9/14

Big inside  gap up , followed by a downward initial movement. 

1) Did not take IRL BPB, though it is in line with day trend, as opposite directions of gap and initial movement indicated either the absence of clear imbalance between the sellers and buyers or that price may move in the direction of gap after a PB. Further 8000 PE OI was still higher than 8000 CE, implying that no big fall is going to happen immediately.       

2) Did not short BOF of BRN, as I thought that the momentum was low. Further, whenever initial movement has been retraced beyond Day Open,  a complex PB in the direction opposite to initial movement can be expected.

Did another mistake. DO remained the high of the day and no established IRH had been formed. Should have  discarded it after the price breached it. In that case could have taken BRN BOF quite early and escaped unhurt or got some minimum profit, even if price returns without touching the other extreme.

So, no trades for the day.

10/09/2014

Opened with outside  gap down . Initial movement – Down. Bias was bearish.

1) Could not short BPB of IRL, as BRN Spot was closely located.(at that point of time, premium of NF was less and hence BRN Spot was below IRL.  Later on, premium increased and BRN Spot rose to almost the same level of  IRL) 

2) Shorted BPB of IRL. Was in 2 minds, as the zone below 8120 has behaved quite choppily in the recent times. Made a quick exit, when price reversed.  -2 points.

In the hindsight, (after checking with ST’s blog), marking of IRH was not correct.  It must be at the high of the first testing of IRH.(black line)

No other trades for the day.

04/09/2014

Initial movement – Down, Gap – down

Market taught a few lessons, the hard way.

1) Did not mark IRL, as it was between 2 important DPs and hence thought that it is irrelevant. Paid with SL, after taking BOF BRN Long. Lesson learnt. -8 points. If  IRL was marked, would have skipped the trade due to want of space or made a quicker exit.

2) Thought that a BW has been formed around BRN between IRL and LOD. That was another serious mistake of the day. Should have waited till 2 attempts are made at both range extremes of the perceived BW.  Shorted BOF of IRL,, ignoring the space with BRN hoping that price will go past BRN and touch LOD. Stopped out. -8 points.

With better reading of price action, would have expected a 2 legged BOF, here.

3) Took another BOF short at IRL, after seeing the 2 legged BOF, IGNORING the space with BRN, hoping that price will reach LOD.  TSL hit. No loss, No gain.

4) Took BOF BRN Long. The penetration was good and the trading session was about to end. Expected this to move well. When IRL resisted and a deep PB was seen, exited. -2.5 points.  But price  moved well after dropping me pretty early.

5) Price didn't test BRN after stopping me out in the previous trade and started moving up. Looked like PP set up. Thought of going Long above the recent swing high. Hesitated and missed the move of the day. 

24/07/2014

1) Small Gap down. Initial movement was also down. Sorted below IRL and lost  7 points. IRL marking was wrong. Without checking LH/HL,  marked IRL on seeing the opposite colour candle.
Could have easily avoided this trade, if I had deciphered two tails. Further price did not close beyond the wrongly marked  IRL too.

2) BRN BOF: Shorted below IRL. Had to scratch with 2 points. Could have exited with some more profit , if exit was made on seeing 2 tails.