Monday, 28 July 2014

28072014


Nifty opened 11 points above PDC.  Initial range formed between BRN and PDC.
1) TST of IRH/DO.  Took this riskier trade as initial move was down plus was getting rejected from DO.  It moved nicely as expected breaking PDC and PDL.  Booked it when failed to move further down.  Profit of 56 points.
Then it traded in a range.  No other trades.

Was it a type I trend day that we usually see after a reversal day?  If yes, then was it a short term top in place on daily chart?

17 comments:

  1. Great trade URD sir,
    I guess ,you just trailed above the swing high's.
    Correct me if I am wrong.

    Thanks.
    Arvind

    ReplyDelete
    Replies
    1. Arvind

      Yes. Covered it when it could not move further down below LOD then as I was in good profit.

      URD

      Delete
  2. UR Dave,

    Very nice, u got into short early & exited at right plce.. :)
    BTW, how you managed when BOF of PDL signal came.. i mean where was your trail SL.

    I am failing to exit on 2nd push attempts, as my mind is still struck at hiding SL behind DP's.

    ReplyDelete
    Replies
    1. Rose

      Thanks. As I entered early, trailed the SL to swing high and waited for the price action at PDL. I would have covered it there if it had moved above swing high. Also there was no FTC kind of action there at PDL which gave me confidence to trail further.

      What I have learned from the market is not to regret for the exits. It all depends on your feel and read of the market at that time. Sometimes it works, sometimes does not.

      URD

      Delete
    2. Well said!
      IMO its very hard to teach this discretionary method, as every day you don't trade same way. though you trade same DP's :)

      Delete
    3. Rose

      Yes. We can make a exit strategy for trending market and a strategy for ranging market but we cannot apply same strategy to both kind of markets. There has to be a difference in exit strategy. Even in trending market, strength of the trend varies. Sometimes it is strong, sometimes weak, sometimes it trends but moves in channel. So the strategy that works in strong tending market will not work in a weak trending market or in a channel kind of move.

      URD

      Delete
    4. Hi URD,

      GCI Offline-3m chart does not update in real time.
      So for placing orders which chart do you use and what filter you use?

      Delete
    5. Anonymous

      You need to follow all the instructions as mentioned in the post. To update 3M chart in real time you need to keep M1 chart open.

      I use GCI MT4 only for charting purpose and getting the trading signals.

      URD

      Delete
    6. Thank u Sir!

      Delete
  3. Hi URD,

    Great Trade.. Minimum Entries & maximum profit. You caught the trend well. I exited many times & have given many slippages.

    Thanks,
    Deven Malhotra

    ReplyDelete
    Replies
    1. Deven

      Thanks. Learning the tactics...

      URD

      Delete
  4. URD
    Very nice aggressive entry. I loved it!!! Keep it up!!
    I think we may well have seen a BOF at 7800. I guess we will be in a range of 7500-7800 for some time before moving higher again.
    We may do well to remember the last BOF at 6000, it went up to 7800.
    So lets see how markets behave.

    TBP

    ReplyDelete
    Replies
    1. TBP

      Thanks. I too feel it was a BOF at 7800. Lets see what happens next..

      URD

      Delete
  5. @ U R Dave ji ,
    Price bounce from PDL , we dont know where it is stopped , ..........my question is what is thought process at that time ...
    1) It is better to book profit and wait ?
    2) i wait to hit my trailing stop ? ...i think its previous swing high , its around 15 point faar from PDL ..
    WHY i loose 15 point , if i get it now ...i book here is smart way to taking profit ?
    ( as we learn PDL is strong DP and most of time price bounce from it . )
    you dont think it will be BOF of PDL ?

    Sorry for too much Q. , please share your thought process at that particular time ....near PDL .

    thank you

    ReplyDelete
    Replies
    1. Vishal

      You can always book the profit whenever you feel the movement is against you. Here to exit at PDL is a good decision. You can always reenter at good setup. It is always better to have something in the kitty than nothing. I held it tight at PDL as I entered early and I was ready to lose the points till swing high.

      URD

      Delete
  6. Davebhai,

    10.54, 11.06 and 11.33 were reversal bars near lod yesterday ..why u avoided profit booking when third try to break lod failed with earlier two weak down move attampts... While u exited 1.15 on similar type of failure.. what is the difference betwn this price action we should visulize?

    Regards
    Bharat

    ReplyDelete
    Replies
    1. Bharatbhai

      I trailed to swing highs initially. Then you would notice once it broke PDL it gathered momentum and it was respecting the flip zones very well. When I booked the profit, you would notice it did not respect flip zone. It was a BOF of LOD then. This price action indicated Trend was losing strength. Also I was in good profit. So locked it. I did not take the reversal bar into the consideration while booking profit.

      URD

      Delete