Tuesday, 15 July 2014

15072014


Nifty opened full gap up.
1) BPB of PDH.  Went long above IRH. It did not move as expected.  Loss of 9 points.
2) BPB of BRN/IRL/DO.  It filled the gap as expected and broke PDC but could not move further down.  Booked at 17 points of profit.
3) BPB of PDH / Pressure Play.  Went long above BRN.  It got resisted at IRL and reversed.  Booked loss of 9 points.
4) TRAP. After moving up, it pulled back deep to the entry point and tested the patience. Booked at around HOD.  Profit of 22 points.

15 comments:

  1. Daveji,

    Good comeback after the first two trades didn't go well.

    1) Regarding your second trade - Space between Range low and BRN is not a problem. Why didn't you go for a direct BO on the break of Range Low and waited for BPB of BRN? I think, normally you go for a direct BO, whenever there is consolidation for prolonged duration.

    2) Failure of PP or BOF of BRN/PDH confluence couldn't even make a strong attempt to break PDC(FTA). So price soon started moving towards BRN. Will it be a valid trade, if a direct BO is again tried at the breach of BRN?

    Thanks
    S.Karthikeyan

    ReplyDelete
    Replies
    1. SK

      1) It was in the middle of the range. So waited till PDH.

      2) If you take the trade at the same area where it failed earlier, chances are that it will fail again. So wait for that level to break first.

      URD

      Delete
    2. Daveji,

      Thanks for your guidance. Despite of your busy routine, you replied for all the comments in the late night. That is highly appreciated.

      S.Karthikeyan

      Delete
  2. Hi URD,

    After learning DP method, how long did it take to become consistent player? I understand that everybody is different but , in your opinion, how long it should take for an new trader to put DP into 'profitable' practice. I am still struggling with not taking "itch trades - fiddle in the middle", SL placement, etc... It has been almost 2 weeks since I have started practicing it with 1 lot...I am improving but it is slow...

    ReplyDelete
    Replies
    1. Vikram

      Two weeks are very less. Don't commit real money till you are confident enough. If it is not working, stop trading. Nobody has given you an invitation card. Nobody forces you to trade.

      I took my time to understand the concepts well. Then I practiced and applied those concepts on historical charts doing bar by bar replay, data of around last 12 months. Initially I was struggling a lot with initial range trades, ranges as a whole and BO trades. It then became easier for me to work on them once I knew what was the problem. All this process took almost two years.

      As you said, you know your problems, issues. Now only thing is that you need to work on them and find yourself the way out. Learn the concepts well and practice them as much as you can. Do not concentrate on entry patterns. Rather work on trade management and cutting your losses short.

      URD

      Delete
    2. Thanks for the reply. What software can we use to practice on historical charts ( bar by bar replay)? and where do we get this data?

      Delete
    3. Vikram

      GCI MT4 has strategy tester which can be used for the practice and its free.

      URD

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    4. @Davebhai
      i download GCI MT4
      Main Menu >>View >>>strategy tester>>> open half window .of strategy tester......

      after that what is the procedure ....i tried but not get tick by tick nifty chart .... or any indian share ....

      please help me ...

      Delete
    5. Vishal

      I am making a post on how to use strategy tester to backtest in a few days. Hope it will answer your queries.

      URD

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    6. Thank you , i hope it will be very soon .....:)

      Delete
  3. Hi Dave,

    Nice trades, I couldn't get the TRAP.. I need to work on this part.. my trades Here

    ReplyDelete
  4. @ U R Daveji
    your second trade exit (TP) is exact at low (near of low) our dp PDC is above that .
    Market break PDC and making new low ..our bias is totally bearish there is no sign of bullishness ....then why u exit from trade ...just ask for learning purpose . that your decision is very smart ..after that price will fly .
    any specific rule, thought or something you look for exit ..?
    plss share

    thank you

    ReplyDelete
    Replies
    1. Vishal

      There was a failure to continue to go down at that time. Ideally I could have waited till the PDC got broken. I was not comfortable with the price movement that time, so tried to exit early and lock in the profit.

      URD

      Delete