Monday, 14 July 2014

14072014


A choppy day, ended up taking 5 trades.
1) BPB of PDL.  This failed immediately.  Ended in a loss of 10 points.
2) BOF of PDC.  This also got rejected quickly and ended in a loss of 10 points.
3) BOF of LOD.  Took this trade as by this time I was totally convinced that Nifty is going to be range bound.  It proved me right this time.  Booked it at around HOD.  Profit of 30 points.
4) BOF of PDC/HOD.  It did not go to LOD as expected.  Had to scratch it.  Profit of 1 point.
5) BOF of BRN/ HOD.  A long wick of the BO candle gave me confidence to enter in the trade.  Booked at 7 points of profit.  

7 comments:

  1. Hi URD,

    Very choppy day.. could manage small gain trades Here..

    Cheers!
    GK

    ReplyDelete
  2. Making profit in today's choppy trade was not easy... kudos to you !!
    1. I took the BO of PDL (just before you took BPB of PDL).. got stopped out..
    2. Then I reversed position and entered as BOF of PDL.. got stopped out... but this could have worked well.
    3. Took your same BOF of LOD (your 3rd trade)... but again quickly stopped out.. else this could have worked out well..
    4. Took your 4th trade as well ...but ended with 2 point loss (entered at 7481 and covered at 7482)... I gave wider SL to this trade but it came back
    5. I did not take your 5th trade as I did not expect trade to move down partly because we were already around 3 pm and partly because the previous trade did not go down...

    still working on the right placement of my SL... I have habit of watching 1 tf as well... I guess that could be the problem.. now thinking of trading based on 3tf or 5tf only...

    ReplyDelete
    Replies
    1. Vikram

      Allow for the first pull back after the entry, See for example my third, fourth and fifth trades. After the entry, Nifty pulled back from the FTA to the entry point. I call this as a first pull back. Once I enter into the trade, there can be two scenarios. Either it will not move as expected and hit the initial SL or it may pull back to the entry point after hitting FTA. Once this pull back is over, I do not hesitate to modify the initial SL to this pull back.

      URD

      Delete
    2. My problem is that as soon as I see NF coming back from FTA, I tighten my stop without waiting for the pullback pivot formation. I got to correct it. By the way, what were your initial SL for all these 5 trades?

      Delete
    3. Vikram

      For first behind PDL, second behind PDC, third behind LOD then, fourth behind PDC, and for fifth top of candle next to BOF of BRN candle. Tried to keep all within 10 points.

      URD

      Delete
  3. Hello,

    Can you please share how you got a 3min chart on MT4?

    Thanks.

    Nikhil

    ReplyDelete
    Replies
    1. Nikhil

      I have made a separate post under "Important Posts" for 3-min chart on MT4. Go through it.

      http://charttechnicals.blogspot.in/2014/05/nifty-future-mt4-real-time-charts.html

      URD

      Delete