Monday, 23 June 2014

23062014


Nifty opened just above PDC.  Initial range formed.
1)  BPB of PDL.  It could not go much below BRN.  Booked when second time failed to go down below BRN.  10 points profit.
2) TRAP.  Shorted below day low then.  Did not move as expected.  Had to scratch it. Profit of 1 point.
3)  BOF of BRN.  Moved as expected to day low then.  Did not wait and book it there.  Profit of 21 points.
Could not trade the last move up.  Missed it completely.

3 comments:

  1. Hi Dave,

    Thanks for the post.
    I have few doubts, when do you enter the trade at DP you will enter? will you enter when the low or high of the candle near the DP is taken out?
    I understand u would keep your stoploss behind DP. do you keep SL benhind the DP or with some 2 or 3 points behind.
    And if you are trading from the office, what software do you use there?

    Thanks,
    Allwin

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    Replies
    1. Allwin

      I have marked the entries on chart. For example, first trade, BPB of PDL, I have put the arrow on the candle and small horizontal line below which I entered. As you can see, there is a big BO candle breaking the PDC and PDL. Then there is a green pull back candle. I entered 1 point below this green pull back candle.

      SL was behind PDL, above that same green candle. I try to keep SL behind DP and preferably within 10 to 12 points.

      I use the same MT4 for charting purpose and my broker's terminal for trading.

      URD

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