Tuesday, 24 June 2014

24062014


Nifty opened gap up, inside previous day's range and broke the PDH RN.
1) BPB of PDH RN.  There was a nice move up.  Target was BRN and achieved. Profit of 41 points.
2) BO of BRN.  After getting resisted at BRN, it consolidated and made a narrow range.  Went long on BO of this range. Booked when it failed to move up further.  Profit of 4 points.
3)  BPB of BRN. It moved well and broke the other extreme of range.  Booked when it failed to go down further. Profit of 15 points.

14 comments:

  1. dave your exits are very good!!

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    Replies
    1. DA

      Thanks. Really? I feel trade management is the area where I need to work more.

      URD

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  2. hi Dave,
    I would like to know whether you looking any other indicator for trend detection. I mean look for volume or MA or any other factors you consider ?

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    1. LuckyHaa

      No. Only price action. The chart I have posted is in its purest form. That is all I have on my screen.

      URD

      Delete
  3. Hi Dave, I am starting to learn ST method. How long did it take for you to learn his method and apply execution skills consistently?

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    1. Vikram

      It has been two years since I first visited Niftynirvana and learning process is still going on. My humble advice to you is do not compare yourself with me or others. You start your learning process and have patience. Don't lose your focus. It will take time to train your brain. Stick to it. You will find your way out.

      URD

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    2. hi
      in march i have visited nifty nirvana, i have studied all posts ,in april started identifying trades live(without putting real money) ,may, june till now still not yet taken trades with real money but identifying trades every day regularlyand able to identify high probability trades now . i will start with 1 lot after june expiry

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    3. CM

      All the best. To be successful in trading, discipline is the most important. If you are disciplined, you will be able to preserve your hard earned capital. Make yourself some rules and follow them strictly before you start trading like, maximum SL allowed, what if trade fails (reverse or not), maximum number of trades in a day, maximum loss in a day, number of consecutive losses, etc.

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    4. im writing my own rules and limits to follow, in that one of the rules is
      max 3 to 4 trades per day
      max loss per trade 10 points (with 1 lot)
      max loss per day 20 to 30 points.
      when trade fails i need time to get another clear signal to re enter means i dont re enter without a clear signal as per my plan
      your opinion please?
      your opinion please?
      Reply

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    5. CM

      You are in right direction.

      URD

      Delete
  4. Hi URD
    Nice trades.
    In the first trade I booked profit early and after few minutes Nifty broke out and went to BRN, need more work on TSL and Exits.

    VKM

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    Replies
    1. VKM

      Exits will improve as you gain experience.

      URD

      Delete