Wednesday, 9 July 2014

09072014


Nifty opened just above PDL PDC after a big down move yesterday.  I expected no one-sided move today but rather range bound as tomorrow is budget announcement.
Missed the initial few hours of trading as I was busy with my work and could not concentrate on market.
1) BOF of HOD.  Entered below the BOF candle. Booked it when I felt it was not going down PDL. Profit of 20 points.
2)  TST of HOD. Again entered below the BOF candle. It hesitated some to move down below PDL but finally broke it.  Booked it at LOD. Profit of 58 points.
There was a barbed wire pattern around PDL, so not traded it and tried to trade the range extremes only.

12 comments:

  1. Dear Sir,

    How do you trail your stop loss? most of the times due to wrong trailing stop loss i can't capture full moment. Please advice..
    Thanks!

    ReplyDelete
    Replies
    1. Anon

      For exiting the trade, you would have to find your method which works best for you. I use combination of things. Once my trade is in profit, I trail it using swing highs/lows or book at the target (probably next DP). Some times book it on first sign of reversal. Sometimes trail it using flips when in good profit.

      I am still in search of good exit plan. If you come to know about it, please share it here.

      URD

      Delete
  2. UR Dave sir,

    Good trades.. i exited long, where you entered 1st short.. didn't take short.. as mind is not convinced of SAR trade.
    Reg 2nd trade, i avoided.. as SL is big.. 18 points.. (7658 - 7640).. did you took this risk, or you have different SL here?

    ReplyDelete
    Replies
    1. Rose

      Thanks. For my both trades initial SL was above BOF candle, around 16 points. I was confident of the trade in my favor so allowed it that SL. But once I felt it was moving against, I would not have waited for the SL to get hit. I would have booked it much earlier with as little loss as possible.

      URD

      Delete
  3. Sir,
    Very good trades.
    Why didn't you go for BO below PDL, at 12.00 Noon? There was very good consolidation for more than 30 minutes above PDL, indicating order accumulation. I took this trade and got stopped out.
    S.Karthikeyan

    ReplyDelete
    Replies
    1. SK

      Thanks. I had just exited from my first trade as I felt it was not breaking PDL.

      There is nothing wrong with your trade. Unfortunately, it did not move. I avoided it because I was just looking for the trade at extremes only, so avoided the opportunities in the middle of range.

      URD

      Delete
    2. Sir,

      Thanks for the guidance.

      S.Karthikeyan

      Delete
  4. Nice Trades
    Extremes worked well.
    Could have easily made another 30+ if you were present in the morning
    Tomorrow we can expect some drama, i think

    ST

    ReplyDelete
    Replies
    1. Sir

      Thanks a lot. Appreciation from your side matters a lot to me.

      Yes sir. Tomorrow is important. Will it move like it did on 16th May? Fingers crossed.

      URD

      Delete
  5. Hi URD,

    Your last trade. Price got reversed from PDL and hit near RN swing low (7640).i think u kept SL there. How did u manage that?

    Regards
    Arun

    ReplyDelete
    Replies
    1. Arun

      That is the flip area. Flip areas are not definitely an area, but a zone. What is important at the flip zone is that whether price gets accepted there or not. As you would notice, it just tried to come into the flip zone and it got rejected. Now if you put your SL exactly at the flip area, it would get hit. So that is why, you need to observe the price movement there.

      In my case, once it broke the PDL, I had modified my order to breakeven.

      URD

      Delete
  6. Hi URD
    I have M3 charts opened, but they are not geting updated??
    Kindly throw some light...

    TBP

    ReplyDelete