Wednesday, 30 July 2014

30072014


Nifty opened 10 points above PDC and initial range got formed within the MC.

1) BPB of IRL.  Entered after PP formation.  It did break PDL after some fight at the level but could not sustain.  Booked at 11 points of profit on break of the flip.
2) BOF of PDL.  It shot up like anything. Kept the SL at swing low which got me out early before the move matured at PDH.  Profit of 40 points.  This trade reminded me of the post "Liquidity Pool" wonderfully written by ST from niftynirvana.blogspot.in.

6 comments:

  1. Hi URD
    In the initial market preparation 7720 was a strong flip.
    So in a way a BOF of that flip. Price zoomed.
    Lets see what happens again at 7800.

    TBP

    ReplyDelete
    Replies
    1. TBP

      Yes. It reversed from there today. Lets see what happens.

      URD

      Delete
  2. Davebhai,

    Why u dint considered pdl as FTA which was less then 10 pts from entry ?i didnt understand your exit in this trade.. where exactly u exited why?i could exit only above 1.24 breakdown candle.

    Regards

    Bharat

    ReplyDelete
    Replies
    1. Bharatbhai

      After remaining in a range for a long time between IRH and IRL there was a PP kind of formation at IRL which clearly indicated it is going to go down. PDL was the FTA, but so what? If it does not break PDL we can scratch the trade.

      After some consolidation at PDL it finally broke the PDL but it was not able to go further down. There was no momentum to down side. So exited on the break of flip. Whenever you feel trade is not moving as expected get ready to book out.

      URD

      Delete
    2. Davebhai,

      In the first trade When price broke below pdl with strong bar 1.24 we are hoping that this will go strong below . so considering 1.27 to 11.33 bar pullback for that down move. only on close of 1.36 bar we say that breakdown has failed and we should exit. .. what thought process you had before bar 1.36 that it is reversing and no more down side left.?Which flip u considering for exit?

      Regards
      Bharat

      Delete
    3. Bharatbhai

      Somehow I was not very comfortable the way it was going down. I felt momentum was lacking. Then there was pin bar and doji at the end of move. What you say is where the ideal exit should be for that trade. This time I could exit at good level but on the second trade I got out early and missed the next 20 point move. Sometimes you get it right, sometimes wrong. You have to move on.

      URD

      Delete