Wednesday, 2 July 2014

02072014


Trade 1.
Trend (Daily)    Up
Today's open    Full gapup of 44 points with trend, also above BRN 7700
Initial move      Down
Initial Range     Formed, above all ranges
Feeling is that should go long as everything suggests price is going up

Where?          Go long above IRH as BPB PDH BRN

Space             FTP is NS BRN, about 10 points away, but will be in all time high zone
Critical mass/
Order flow     Not much significant, but maybe new poistions get added
Risk              15 points if SL is kept below IRL
Conclusion:    SCORE is not much favorable, but try to attempt with little risk, keeping the SL below BO bar, as trend, open and all time high zone favor.

1) BPB PDH BRN:  Entered above the high.  Initially it resisted around NS BRN, then went up. Booked when it started hoovering around NS BRN.  Profit of 6 points.

2) BPB HOD:  Went long after the formation of PP.  Again here RN was near, but it finally broke it.   Booked when it came back below RN. Profit of 9 points.

TRADE SCORE helps me a lot in assessing the situation and taking the informed decision.  It keeps the emotions away.

Does it help you?







































25 comments:

  1. Nifty gaped open high...so mentally scare to go long again !!!! Yes it is mental block !!!!! so expected some pullback..gone short...not worked..covered position immedietly........No further trade

    How you finding ITH and ITL...... using any time frame ??? or you calculating first two three bars in 3 mts charts ??still not understanding that logic

    I appreciate your response

    ReplyDelete
    Replies
    1. LuckyHaa

      Understand the concepts well before putting hard earned money into it.

      Initial Range is formed by first directional move. Today first three candles made the first directional move. So high and low of this range is IRH and IRL. Sometimes it is not that clear, there maybe few candles up and few candles down making the range. Sometimes master candles gets created. Sometimes there is a wide range bar. You need to take these formations under consideration.

      URD

      Delete
    2. UR Dave Sir,

      Small clarification reg IR.. today i took 1st 3 candle as IR.. (7714 - 7703).. attempted BO of IRH, nifty went 4 points above IRH and immediately reversed into range.. i exited trade...

      So far fine,,, but when NF crossed above 7719 again, i am confused how should i trade this move?
      Is it BOF of IRH (down side).. ?

      Hope you get my query.. most of my failure trades are out of confusion from IR .. hence wanted to get me clear in this

      Delete
    3. Nifty Trader

      Your understanding of IR is correct. I waited and allowed it more time because the initial move was down. Sometimes market traps us by giving a false break, moves a few points from BO point and traps. Today, it did the same if you had considered first three candles as the IR. Only solution to this is, if you suspect such thing, keep the SL limit order 3 to 4 points away, not just a point away.

      URD

      Delete
  2. sorry not ITH and ITL.. please read .IRH and IRL

    ReplyDelete
  3. why and how u use initial move?

    ReplyDelete
  4. Excellent description of your TRADE SCORE implementation
    I took 2 trades today. First trade was BPB of IRH. I wanted to avoid the direct BO of IRH (terminal opening high was 7719). I entered at 7722 (9:59 AM) and exited at 7728 (10:50 AM). My second trade was TST of IRH and entered at 7725 (11:25 AM) and exited this at 7747 (1:47 PM). I did not enter short at 7745 (2:00 PM) as at that time as I was expecting bounce back from 7740 levels. After that, I did not go long at 7748 (2:20 PM) after the market tested 7740 twice, as RN and the DH were nearby. Moreover, market was already very high and so expected BOF of day's high (at that time DH was 7755.80 - 1:38 PM candle).
    As usual, would appreciate your comment..... just want to make sure that my thought process development is right..... execution and trade management will become better with the screen time...(asked same from ST)....

    ReplyDelete
    Replies
    1. Vikram

      Nice trades. Your second one got the maximum juice out of it. You are in right direction.

      URD

      Delete
  5. Sir,

    Trade Score really helps in avoiding low probability trades and I seem to be more aware of what I am doing and not doing. It may take a while for me to fully grasp it and use it to win consistently.

    Regarding your second trade: I was in two minds and decided to wait for some more consolidation near RH to ensure enough order accumulation and missed the trade. In such situations, normally, how many consolidation candles do you prefer to see before placing the order?

    Thanks,
    S.Karthikeyan

    ReplyDelete
    Replies
    1. SK

      Whenever in doubt, stay out. No need to trade.

      My second trade was a bit riskier. Market had already moved up a lot. Few reasons were behind it. First, as marked on the chart, origin of the move was a BOF of the range plus TST of IRH. Second, it was a kind of PP formation there. Risk was minimum plus trend was in favor, so attempted it,

      URD

      Delete
    2. Sir,
      Thanks for sparing time for us in busy schedule and guiding us through.
      S.Karthikeyan

      Delete
  6. Hi URD

    Yes, Trade Score is definitely helping.

    VKM

    ReplyDelete
  7. Trade Score is awesome. The detailed example at the end clearly explains the trading process.

    ReplyDelete
  8. Dear U R Dave,

    Today again I could take 4 trades. All ended in PROFIT. Total 64 points at an average of 16 points per trade.

    As discussed yesterday, i too downloaded the NewPointer from ventura. However, could not get the chart as you had demonstrated. Can you please email me your .Cht file? This file contains the chart settings.

    Thanks

    ReplyDelete
    Replies
    1. ITFPD

      If you downloaded the NewPointer properly, I see no reason why you cannot get the historical chart. There is never any issue at all. If any problem, contact their customer care. They will help you out.

      URD

      Delete
  9. U R Dave , ur SCORE is really helpful and ur todays Trade description is good and its help to other newbies like me ...

    i request to you please write your trade description as like today.. u write in SCORE format .

    thank you

    ReplyDelete
    Replies
    1. Vishal

      Thanks. It feels good that I could help you some way.

      As I work full time and I trade whenever I get chance, I write the trade description as brief as possible so that I can have more time for my work. However, I would try to do that as frequently as possible.

      URD

      Delete
  10. Hi URD

    Good one, Keep it up.

    ReplyDelete
  11. U R Dave Sir,

    Ur SCORE is wonderful.. i got my Check List prepared based on your inputs.. it really helps to assess good R:R trades

    ReplyDelete
    Replies
    1. Nifty Trader

      Thanks. I checked your check list. Only thing i found missing is Strength of DP, strength of trend, and where the current range is positioned. Try to include these in your thought process.

      URD

      Delete
  12. Hi URD

    Nice application of TRADE SCORE.
    Thanks

    TBP

    ReplyDelete
    Replies
    1. TBP

      Thanks. Did you get the MT4 3-min chart running or not? Just curious to know.

      URD

      Delete
  13. TRADE SCORE helps me a lot on nifty trading. Thank you URD.

    ReplyDelete
  14. how do u identify bias while on going?

    ReplyDelete