16/04/14,WEDNESDAY

1) Was in a constantly reducing range to start with. Shorted at IRH BOF. Poor trailing resulted in losing 65 points. Trailing must be broken down into many small operations and followed.

2) Shorted at MSP BOF. Scratched. It was not a strong BOF. Should have waited till the flip zone is formed before taking the trade. Entered on BO candle low.

Forgettable day.

15/04/2014,TUESDAY

1) Infosys results announced at Market opening time. Opened near PDH and and got sold out.Price fell down by more than 85 poimts in no time without giving any opportunity for entry.
Placed a SL Sell order below RL, but cancelled it immediately, as chances of a further down move after such a big fall were limited.

2)  FTC at RL, indicated the upcoming narrow range for some time. But it consolidation in a narrow range went on for more than 5 hours. Waited in vain upto 2.30 to see the price encounter either RH(MSP) or RL.

3) Price suddenly spiked  above MSP(RH). Going Long was not an option as PDL was too close. Eventually price was rejected and looked very much like BOF. Didn't take the BOF AS
    i) wanted to take only CT trades towards the end of the day.
   ii) price fell back into the range at 2.55 pm only. Margin won't allow me to trade after 3.00 PM.
   iii) Time taken to fall back into the range was high, indicating that the BOF may fail. As expected this                   move didn't travel much distance.
 
So, no trades for the day.

11/04/2014,FRIDAY

1) Gapped down below PDL/PDC and BRN. Didn't take the BOF of IRH-BRN confluence, as the space between possible entry point and IRL was too less.

2) Was moving in a Cigaratte like narrow range. Suddenly price rose rapidly and LOL BOF occured. Shorted below the minor swing low just below BRN. Being such a strong BOF, expected the IRL to get broken effortlessly and move down for at least 40+ points. But IRL supported the price. Exited with 5.5 points.  Though this exit is not bad in today's context, am not happy with the manner in which I trailed. Exited before the PB of new zone was completed. Need of the hour is patience while trailing.

Didn't take any other trade.

My query and  ST's clarification.

Sir,
Please explain, why you expected a strong reversal in the last half an hour.
Thanks
S.Karthikeyan

April 11, 2014 at 4:46 PM

S.Karthikeyan said...

Sir,
I refer to your second trade. It seems that you had exited as soon as the 1.33 Noon candle(Day Low candle) high was breached.

Normally, when BOF is noticed at a Range extreme, we expect the other Range to break. Normally you wait to see whether the other extreme gets broken in the second attempt, if not in the first attempt. But in this case, you seemed to be quite sure on seeing the 1.33 Noon candle that it is the BOF of IRL and exited early. How did you judge it so correctly and made a quick exit?

I too took that trade and exited bit late.

Thanks

SMART Trader said...

SK

Price failed to extend beyond the first candle of the day three times and when the fourth one closed inside the range after the break I exited immediately protecting little profit.
I immediately placed a SL short entry order below LOD not to miss the down move if it happened.Nifty was in no mood to go down. I expected some short covering at the end due to holidays

ST

10/04/2014, THURSDAY

1) Small Gap down and BOF at PDH/PDC confluence. Didn't take it as the space between possible entry point and IRL was too less

2) IRL was firmly broken. Placed a SL order below swing low. Price reversed and this BO morphed into BOF.  This order was not filled.

Didn't go Long on this BOF as the possible entry point was too closely located with IRH/PDH/PDC confluence.

3) After some choppy price action. PDH was broken. Placed a SL Buy order above swing high. But this order was not filled, as the price was firmly resisted here. This new RH was tested in vain thrice.

4)Strong BOF of PDH/PDC/IRH confluence was noticed. As the space between RH and possible entry point was too less, waited to see whether RH gets broken.  But the price didn't even go near the RH. Failure of this strong BOF was a strong indication that Bears have got an upper hand.

5) Price was moving about in a very narrow range above PDH till 2.55 PM, before eventually breaking down after 3.00 PM.

So no trades for today too.

09/04/2014,WEDNESDAY

1) Gap up with BOF @ PDH. Didn't take this CT short as it might well just be a PB.

2) Was moving in a very tight narrow range. BOF at IRL. Decided to wait till price encounters confluence of IRH/PDH. Should have gone Long at 6787 @ BPB. Didn't, as the space with BRN was just 12 points.

3) BRN didn't seem to reisist. So it was another opportunity to Go Long. Time was already 2.40 PM. Due to margin issues after 3.00 PM, didn't take this trade too.

So no trades for the day. Hereafter should take BPB trades too, if space was there. 

07/04/2014, MONDAY

1) No Gaps. Initial move was in the upward direction. Didn’t go “Long”, as PDH was nearby. 

2) Price fell down without testing PDH.  Expected the price to be supported at PDC, which happened to be a strong confluence of BRN Spot and IRL. The confluence was easily broken. Didn’t ‘short’ here, as PDL was closely located.

3) Shorted the PB of PDL. Got 8 points. Should have got 10 more points. Trailing was not done as per the plan. This is an area, which needs to improve.

4) FTC at Day Low was followed by consolidation. Went Long above the highest swing pivot. Scratched when price fell below the entry candle low.  Gave away 3 points. Here should have waited till the swing pivot got broken and entered at PB. Had it been a MSP BOF, would have lost more.

5) Market was quite choppy thereafter. Didn’t take TRAP Long, as it was already 2.45 PM and the margin was not sufficient to trade after 3.00 PM

04/04/2014, Friday

1) Gapped down and tested PDL. Failing to break PDL on the second attempt, price moved up. Should have taken the Long, when price breached MSP..

2) Went Short on BOF of IRH/TST PDC. Messed up order in placement and lost 5 points. Again shorted, but this move didn't go off well and scratched with 3 points loss.

3) Didn't take BOF PDL Long, as was expecting the price to crash. Price moved nowhere.

Throughout the day, I was looking to only short expecting the exit of critical mass. Such a plan may be ok towards the end of the day, but not for the whole day. Hence missed a Power Play and 20 points. Don't harbour too much of fixed ideas and notions.

03/04/2014, Thursday

1) Got sold off in the first few minutes.  Paused for a while near IRL and PDL, before breaking them. 

No follow up selling was there after BO of PDL. No actionable signal was available to trade this move.

2) Took BOF of RL Long and got 5 points. Expected the move to go upto atleast MSP beyond PDL. But PDL resisted this move.

3) Placed a buy order as BOF Long of Day Low, after 3.00 PM. But this order was not filled due to want of margin.

02/04/14, WEDNESDAY

1) Gapped up. Didn’t take BOF of PDH Long, due to want of space.

2) Skipped BOF of IRH also due to want of space.PDH and PDC were closely located.

3) LH followed by consolidation above PDH prompted me to go for a direct BO short. Stopped out. Be aware of your limitations and don’t go for direct BO henceforth.

4) Didn’t take the LOL BOF Long, due to want of space. Must have trusted the strength of LOL BOF and taken it. Totally forgot that strong BOF/LOL BOF will most probably break the other extreme, more so, if the range is narrow, like today's. Missed the only reliable signal of the day.

Did what am not supposed to - direct BO

Didn't what I had to - taking a LOL BOF trade

01/04/2014, Tuesday

1) Being Announcement day, refrained from trading till announcement is made at 11.00 AM.  Price moved in all directions before and after the announcement at will.

2) Took BOF of PDL Long. When price could not be pushed above in the second attempt, made a hasty exit. Should learn to trail better. The same mistake happened for the second consecutive day, missing 20 points.

ST clarified that SL and TSL must be beyond the nearest Round Numbers ending with 5 or 0. Had I kept the TSL below 6720 in this case, could have made easily made 20+ points.

3) TRAP was noticed. But it was already 2.50 PM and didn't take the trade. This moved well.