Thursday, 24 July 2014

24072014


Nifty opened slightly below PDC.
1) BPB of IRH.  It moved well as expected to PDH.  Booked it below failure bar.  9 points of profit.
2) BPB of PDC on downside.  I was not very confident but took this trade.  Scratched it when it failed to move down further.  Loss of 3 points.
3) BPB of PDC on up side.  After the entry it pulled back deep close to the initial SL but then moved well.  After breaking the PDH it went up like rocket.  Booked it at around day close.  39 points of profit.

2 comments:

  1. URD,
    Price seemed to form a barbed wire around PDC. What were the reasons for entering Trade 3 and holding onto it as it reversed from BRN?
    Thx,
    DM

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    Replies
    1. DM

      Failure of my second trade actually gave me more confidence for the third trade. After it reversed from the PDH, if it was really weak it would have broken IRL and moved towards PDL. Instead it took the support just below DO and IRH and reversed from there. I felt price again coming above DO and PDC was significant and it was with the overall trend.

      I just allowed the trade some time to move. I anticipated reaction from BRN so waited for the first pull back and this pull back did not touch my initial SL (below swing pivot) 11 points away.

      URD

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