Friday, 6 June 2014

06062014


Nifty opened full gapup above PDH. Initial range formed.
1) BOF of IRH. Booked when it could not move further down.  Profit of 10 points.
2) BO of IRH.  Entered above HOD then.  I expected order flow above it to the RN, so ignored the space. It failed to go up.  Scratched, 1 point of profit.
After that I was busy with my work, couldn't trade.

8 comments:

  1. For trade 1, how did you conclude that the price will not move further down. I believe you exited at the high of the red candle which broke below the IRL. There was a lower tail, was that the reason you got out? Even the next green candle had a upper tail, probably signifying selling orders?

    ReplyDelete
    Replies
    1. PA Trader

      I took that trade after the range got established and when the third time it failed to break IRH as it was against the trend. You would notice that when I booked out it was also the third attempt to break IRL which failed. I perceived it to be as a failure only because the BO candle at IRL was not powerful. There was a big tail below IRL.So I rushed to book and revised the SL to BO candle high. It is difficult to judge from one candle whether it is going to succeed or fail, but certainly this BO candle did not give me confidence either to hold my trade.

      I regretted afterwards as I could not take the BOF of IRL trade because of this trade. I take some time off after the trade and do not immediately take another trade.

      UR Dave

      Delete
    2. Sir,
      If you had taken the BOF of IRL trade, what will be your entry point?
      Thanks,
      S.Karthikeyan

      Delete
    3. SK

      At the place where I booked the short trade, i.e. above BO candle.

      UR Dave

      Delete
    4. Sir,
      Thanks for the guidance.
      S.Karthikeyan

      Delete
  2. Sir,
    My GCI chart is not getting updated from 9.20 AM. Do you have the same problem?
    Thanks
    S.Karthikeyan

    ReplyDelete
  3. SK
    It was a problem. Sometimes, there is a data loss with GCI. It happens rarely. Today was such day.

    UR Dave

    ReplyDelete
  4. Sir,
    Thanks for the clarification.
    S.Karthikeyan

    ReplyDelete