Thursday, 17 July 2014

17072014



Nifty opened 20 points gap down but within the previous day's closing range.
1)  BOF of Range Low.  It did not move as expected.  Scratched it at breakeven.
2) BOF of PDH.  I expected this to move at least up to range low but it did not.  Again scratched it at breakeven.

It was a narrow range bound day. 

12 comments:

  1. Hi URD,

    Here are my 3 trades today.
    1) went long as BOF of DL at 7640 (12:00) and my trailing SL hit at 7638 (12:37)
    2) Took BO of PDH at 13:31 at 7664.8 (my trigger was at 7662.5) and covered it at 7664 (13:36) when it seemed to be failing.
    3) As BO of PDH was failing, so took BOF of PDH at 7654 (13:58). My initial SL was at 7662, then 7658 and then 7655 (got hit at 14:43).

    Today, I was being very watchful of taking entries (trying to improve). But today, my trailing SL were still wider and not below the swing pivots as the market was choppy and wanted to give time to the trade.

    I would appreciate if you can comment on each trade entry and exit.

    Thanks

    ReplyDelete
    Replies
    1. Vikram

      1) I also entered long here. Once you feel it is moving as expected you can always scratch that trade. Don't allow trailing SL to hit. Try to get out of trade at breakeven. Remember you will have scratch lot of trades if you want to succeed.
      2) This direct BO could have been avoided and have waited for BPB formation to enter in the trade.
      3) I also took this. This also did not move as expected. We cannot do anything. Try to get out at breakeven.

      URD

      Delete
  2. Hi URD,

    Today, I could match both ST and your trades .. feeling good.. :) http://trading-nirvana.blogspot.in/2014/07/17-07-2014.html

    Cheers!
    GK

    ReplyDelete
    Replies
    1. Guru

      Nice trades. Do not match with mine. I am still "work in progress."

      URD

      Delete
    2. URD,

      I consider ST and Yourself as "light House" on my voyage :)

      Cheers!
      GK

      Delete
  3. Could one take the direct BO of HOD, considering that it was a Pressure Play setup?

    ReplyDelete
    Replies
    1. TraderInTheZone

      It was not good PP formation, I feel. Plus there was a PDH above.

      URD

      Delete
  4. Why not take BO above PDH Trade ? any specific reason ? ,

    my thought process is .....mkt is rangebound from opening .....then it will give any side breakout and ......it breaks PDH .......thats fantastic ......now enter in trade .....BUY.....

    What about you sir

    thank you

    ReplyDelete
    Replies
    1. Vishal

      Your thought process is correct. After the range bound move, it may break out. But it does not mean always that it will break out. It may or may not break out.

      Actually I was looking for BPB entry after it broke out which never came. So did not enter.

      URD

      Delete
  5. Daveji,

    1) Why didn't you take IRL BPB at 10.45 AM? as it was against day trend?

    2) Today price closed almost inside yesterday's Range, if you ignore High of the day being slightly higher than that of yesterday. What is your bias as far as Day trend is concerned now? Bullish or Ranging?

    3) What will your prefer to take tomorrow, if there is no gap - BPB of IRH or BPB of IRL, (assuming space is not a problem for both). Sorry, if I sound hypothetical, but I want to get my thought process right, as I got stopped out after shorting IRL BPB, today.

    Thanks,
    S.Karthikeyan

    ReplyDelete
    Replies
    1. SK

      1) I considered IRL as the Range Low marked on the chart. One move up and one move down to form the initial range as the range was very narrow. If you traded BPB IRL, I would say it was your hard luck that it did not move but you need to be cautious trading such CT moves. The only way to trade BPB of such moves is that, you let it break convincingly first, then wait for PB and then take BPB trade. Here it broke by just few points and did not even close below Range Low.
      2) As today was a narrow range bound day, you can expect a breakout tomorrow. So BPB of PDH or PDL will be a good trade tomorrow OR there may be a BOF......who knows..
      3) I may take BPB of IRH if initial move is up and other things are favorable.

      URD

      Delete
    2. Daveji,

      Thanks a lot for your detailed reply, clearing all my doubts.

      S.Karthikeyan

      Delete