Friday, 4 July 2014

04072014


1) BO of tight range around RN.  It moved as expected.  Booked at PDL.  Profit of 12 points.
2) BPB of PDC.  Entered below PDL. Moved well.  Booked at 32 points of profit.
3) BOF of BRN.  Moved very well.  Trailed it successfully till end of the day.  Profit of 78 points.

14 comments:

  1. Hi URD
    Nice trades
    I dropped the idea of using 3 min chart in MT4 as could not get it properly. Also there is price difference between the chart I use and their chart.

    TBP

    ReplyDelete
  2. TBP

    Thanks. There will be a difference in price due to their spread but this difference remains constant. It would not fluctuate. You just need to get used to it.

    URD

    ReplyDelete
  3. Sir,
    What indicated that the BO of RN (your first trade) will be on the downside?
    Thanks,
    S.Karthikeyan

    ReplyDelete
    Replies
    1. SK

      I was expecting BO from tight range as there had been around two hours of trading in a very tight range. It could have been on either side and it happened on down side. Trading such a tight range is not advisable specially when there is not enough space. It should be avoided.

      URD

      URD

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

    ReplyDelete
  5. Wow ....fabulous tradesss............congratss!!!!

    ReplyDelete
  6. Sir,

    When you enter a direct BO/PP formation trade, how much is the difference between your entry price and the range extreme/swing low/high(break of which is considered as the trigger of our trade)

    Thanks,
    S.Karthikeyan

    ReplyDelete
    Replies
    1. SK

      Direct BO trades are always less preferable. You would have noticed I take very few direct BOs and most of the time they fail to reward us. Whenever I take direct BO, I try to keep trigger SL order at least couple of points away because most of the time at BO point there will be a fake break by couple of points. Sometimes I keep order even 3 or 4 points away. But at the same time, I need to keep in mind the initial risk. It should not exceed 10 to 12 points.

      SK, have you started live trading? Please share your experience.

      URD

      Delete
  7. Sir,

    I got your point. As much as the SL of 10-12 points permits, we can keep a difference of 2 to 4 points.

    I was doing real trading with my hard earned money. When I started losing consistently, I stopped real trading. The loss was well within my tolerance limit. I could notice many serious flaws in my understanding, after going through TRADE SCORE.

    All these days, I was never mentally prepared for the opposite, after entering a trade. I could see, only what I wanted to see, till getting stopped out. Now I am more aware of the various possibilities, as the price hits a DP. Secondly, my reading of price acceptance/rejection at a DP was worse, not to mention my ignorance of the total context.

    Daily posts of yours and ST really help in finding out what is wrong at my end. Now my thought process and Market sense seem to be getting better. I may have to fine tune my strategy little bit, which should not be a major issue, if I get the basics right.

    I will start trading with real money slowly in the coming week. After taking a few trades, I have to asses, where I stand and decide on whether I must continue playing with real money or return to pavilion and do book trading.

    Basically I am a Textile Engineer and I was engaged in the import of second hand textile machines. As there is not much scope for my Business right now, I am trying to make a living, trading Nifty Futures. I am 46 years old and probably that is one of the reasons, why I am not able to grab things fast. Anyway, I have to keep trying so long as it takes without losing money.

    I really consider myself fortunate enough to stumble upon Nifty Nirvana. If I have not seen that blog, I would have quit trading, a few months ago.

    Thanks a lot for lending a helping hand during these formative days. I believe that in due course of time, I will be able to win consistently.

    Once again thanking you,
    S.Karthikeyan

    ReplyDelete
    Replies
    1. SK

      Thanks for your comments.

      You really have a good fighting spirit. Trading is the profession where we have to keep fighting with our emotions but with our perseverance we overcome every obstacle. Learning has no age bar. I am also 41.

      I feel you are in right direction. You are doing all the possible things you are supposed to do. Just keep it up.

      Ask anytime if you need any help. I would do my every bit.

      Regards.

      URD

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    2. Sir,

      Sure, I will definitely seek your guidance, whenever I have the slightest doubt.

      Thanks a lot for these kind motivating words. I could not have asked for anything more.

      Have a great week end.

      S.Karthikeyan

      Delete
  8. in general if we place SL orders with 1 point difference b/t triger and limit. approx how many lots we can trade(or we can get filled),? simply asking but im still single lot trader.

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    Replies
    1. CM

      I have not traded more than one lot. So no idea about it.

      URD

      Delete