Wednesday, 16 July 2014

16072014


Nifty opened full gap up.
Could not trade BOF of IRH in the morning as I was busy with my work.
1) BOF of PDH.  Booked it when I felt it was unable to break IRH. Profit of 9 points.
2) BO of IRH / Pressure Play. Entered above HOD but it was a failure.  Loss of 10 points.
3) TRAP.  This went up like rocket.  Booked it at day close. Profit of 78 points.

8 comments:

  1. Hello URD,

    Today I promised myself not to fiddle in the middle or "itch trades". here are my trades and I would request you to please comment on each trade, whether I should have taken or not, was my entry and trailing SL correct?
    1) BOF of PDH, RN (10:28 AM at 7558) and my trailing SL got hit at 7662 (11:33 AM). what were your entry and exit point in this trade?
    2) BO of DL (11:47 AM at 7545)..this one did not move and I covered it at 7546.
    3) When the above trade failed, I took BOF of DL, PDH, RN (12:30 at 7555) and my trailing SL got hit at 7553 (actually I was away from desk else I would have moved the SL to 7557)
    4) BOF of DH ( 7563 at 1:59 PM), this one did not move and my trailing SL at 7571 got hit at 14:07.
    5) Tried another BOF of DH (7565 at 2:14 PM) and my trailing SL got hit at 7566 (2:33 PM)
    6) Did not take BO of DH at 7577 as the whole day was chopping around and so I expected it to fail. By the time I realized that it is a TRAP trade as the sell off from 7576 to 7552 must have attracted more SL triggers at 7577, the market skyrocketed and I could not find right entry and the right confidence to enter in running candle.
    By the way, is your TRAP definition higher high and lower low pivot formation?

    ReplyDelete
    Replies
    1. Vikram

      1) There was a TST of PDH at 10:06 and this trade went well, It went upto day high, the target.
      2) Why did you take direct BO? PDC was also very close. You cannot take this.
      3) You entered late. You could have entered in at 12:12, above micro swing pivot. Don't keep too tight SLs.
      4) On my chart, it is a TST of HOD. Even if you entered on BOF, you need to enter below swing pivot. You can't short below BO bar.
      5) You need to skip this one as your earlier sane trade just 15 min before had failed. You cannot keep on trading at the same level again and again.
      6) Do not regret on the missed ones.

      Vikram, I doubt your concepts are not clear. You first get the clear understanding of the concepts. If you trade only the patterns, BOF, BO...you will fail. Spend some time on learning.

      URD

      Delete
    2. Thanks for your time... I am working on my weakness...

      Delete
  2. Davebhai,

    Last long You took above 2.42 candle ?or above days high.. ?Where did u kept the initial sl while entry?

    Bharat

    ReplyDelete
    Replies
    1. Bharatbhai

      Above days high. Initial SL was below swing low but I was prepared to square it off in loss below BO candle.

      URD

      Delete
  3. Hi URD...

    Please have a look at my trades http://trading-nirvana.blogspot.in/2014/07/16-07-2014.html.. tested the patience very well :)

    Cheers!
    GK

    ReplyDelete
    Replies
    1. Guru

      You could have attempted a BO from the range instead of BPB of HOD.

      URD

      Delete
    2. Hi URD,

      Yes, I will have to overcome this "Fear" of taking direct BO... Thanks once again :)

      Cheers!
      GK

      Delete