Tuesday, 8 July 2014

08072014


Nifty opened above PDH but got sold immediately.
1) BPB of BRN PDC.  It moved as expected and broke PDL.  Covered when it failed to go down further.  Profit of 25 points.
Then waited for the Railway Budget to get over.
2) TST of PDL. It went well. Booked it at BRN. Profit of 59.
3) BPB of BRN.  Took this riskier one as there was a good momentum to downside, though it had already fallen a lot. Booked it at the end.  Profit of 50 points.

15 comments:

  1. Sir,
    Very good trades.
    S.Karthikeyan

    ReplyDelete
  2. Hi URD,
    1) I did not take the first trade where you took (BPB of BRN PDC) as I wanted NF to come out of consolidation range. So, finally, I took BPB of PDL at 7760 but the trade did not move and so I covered it at 7766 and went long as BOF of PDL and I covered it at 7776.
    2) Then I took BO of DL at 7753 (1 PM) but I had to scratch it and covered it at 7753. I did not take BOF of DL as the momentum was down.
    3) Then I took TST of PDL (same place where you took it) at 7761 and covered it at 7711 when the market seems to be stabilizing around 7700. Then market went into brief channel downside move and could not gather enough confidence to short again at 7781 as the market was already very down.
    Overall a profitable day but still could not get the maximum juice out of such a nice trendy day. Your comment on my trades are welcome...

    ReplyDelete
    Replies
    1. Vikram

      You have taken trades at proper places.and it is good that you came out early from the trades which did not move as expected. You ultimately ended the day in green. Thats good. Don't regret about the trades which moved without you.

      URD

      Delete
  3. Sir,
    Regarding TST of PDL trade - Can that consolidation be called as Absorption?
    S.Karthikeyan

    ReplyDelete
    Replies
    1. SK

      Frankly speaking, I do not know much about absorption or distribution. When I follow price, I see only whether it is going up, going down or in the range. This knowledge only helps me to take the decision.

      From my little experience, I have observed a pattern, which happens time to time. I do not know about the technical of this pattern but it is a very powerful pattern. It may be called Consolidation Reversal as it happens after the consolidation.

      Look at this. It is self-explanatory.

      http://i61.tinypic.com/dfhgr7.png

      URD

      Delete
    2. Sir,

      It is news for me. Thanks for the nice illustration which made it easily understandable.

      S.Karthikeyan

      Delete
  4. Hi,
    How to get data to ninjatrader? You have used ninjatrader chart in "what to do?" article.

    ReplyDelete
    Replies
    1. NPA Trader

      I have answered your query in "What to do" Please go through that post there.

      URD

      Delete
  5. UR Dave sir,

    Wonderful.. the way you handled trades today!

    ReplyDelete
    Replies
    1. when price come to a DP ,u visualise a setup(BO,BOF,BPB,TST) (along with other factors) and place a SL order for which setup u want to go, once it triggered ur on , next step is to manage the trade. right?

      Delete
    2. Sir,

      For your second trade, did you not consider RN? Price had reversed from there on the earlier two instances.

      Regards,
      KSG

      Delete
    3. CM

      Your understanding is correct.

      URD

      Delete
    4. KSG

      Yes, RN was the FTP. If the price had reversed from there, I would have scratched off that trade.

      URD

      Delete