Wednesday, 25 March 2015

25032015


Today I attempted only one trade as BPB of PDL on downside.  Got stopped out.  In later half of the day PDL got barb wired and it became difficult to trade there.

Tuesday, 24 March 2015

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Today I came to the screen very late after 2 pm and tried to trade whatever I was able to get. First trade was an attempt to capture the strong rejection from 8650.  Got stopped out.  Again took a chance and shorted the second strong rejection from 8650 without waiting for it to come below PDH.  Luckily got rewarded this time.  Booked it quite early as I had some other engagement.

Wednesday, 18 March 2015

18032015


Nifty opened above PDH but sold off.  First candle was of 50 points so I stayed away for some time.  Then there was a BOF of BRN.  There was no retest of BRN then.  Entered long on completion of complex pullback at 10:38.  Expected some momentum but there was no momentum after my entry.  Lost my patience and scratched it after half an hour. It moved in my favor afterwards without me.  Was not able to trade afterwards.

Monday, 16 March 2015

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Today Nifty traded within the last impulse of Friday.  There were trading opportunities at the range extremes.  In the morning, wanted to short at the location as marked on the chart.  Hesitated and missed.  Could not trade thereafter.

I thank you all for your support.  Click here for results of the small survey that was conducted during the weekend.  I have removed the email addresses only.  Everything else remains the same.  I came to know about two good blogs, namely https://niftytradediary.wordpress.com and http://rajudptrades.blogspot.in. I will share the links for these blogs here at the bottom end of the blog. 

Friday, 13 March 2015

13032015 & Survey

Today I could not trade due to some personal reasons.  It was a very good day to miss.

Please click here to take part in the very small survey about this blog and your overall opinion about the DP Trading system.

Also you can put your blog addresses if you are managing any blog related to DP Trading in the comment section.  I will try to share a link of that blog here.


Thursday, 12 March 2015

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Nifty today opened gap up and broke PDH on up side after an inside day yesterday.  It seemed there was no followup buying after the BO.  Shorted on what appeared to be a BOF ignoring the DO, BRN below.  It did not move well.  Had to scratch.  Then it remained in the narrow range, with DO, BRN, and PDH in between the range.  There was no reliable signal at the range extreme to trade.

Wednesday, 11 March 2015

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Today in the morning Nifty seemed to be trading in the range.  Shorted at the Range High.  It moved well and broke the last low but bounced quickly from it.  Trailed the SL to above RN and got out. No other trades afterwards.
In hindsight there was a good short at LOL BRN PDH.

Tuesday, 10 March 2015

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I was expecting in the morning session a range bound kind of movement after the yesterday's sell-off.  First trade opportunity was BOF of PDL.  Waited for the proper setup before taking this trade and missed it.  Then there was a good BPB of BRN.  Made a mistake ignoring my initial assumption of it remaining in the range, thinking that BOF of other range extreme and pullback limited to BRN would take it higher. Took it and got stopped out immediately. Could not trade afterwards.
In hindsight though there were two other good setups as marked on the chart.

Monday, 9 March 2015

09032015


There was an outside gap down opening for the Nifty today.  After open, it was getting resisted at PDL, thought about shorting there at 8881 as TST of PDL but hesitated and missed the down move.  Then it traded in the narrow range for long time.  There was again one good TST opportunity at the Range High.  Missed it.  Finally shorted on the false break of swing high near Range High.  It moved well as expected.  I was looking to book it at 8792 (budget day low) but could not hold my patience and booked it when it bounced from BRN 8800.
In hindsight there was another good TST later when it tested the Range Low.

It seems the exhaustion gap few days back at all time high is playing out well.

Wednesday, 4 March 2015

04032015

Today I could find some spare time for the trading and did actually one trade with one lot in the morning session after a long break.  After booking it out, I was busy with my work and hence could not trade further.  I have added the trade book with the chart just to keep a record of.

Today Nifty opened full gap up breaking the all time high but got sold off and seemed to get support at BRN 9100.  Wanted to go long at BOF of BRN around 11 am.  Put the order to buy at 9116 at the flip.  It went up to 9115 and did not trigger.  Then it broke BRN on downside.  Went short at BPB of BRN.  Booked it at PDH without waiting for a second as I expected PDH to hold.  Done for the day.  No other trades.



Tuesday, 3 March 2015

Proven Levels

We all know that DP's are proven levels where traders acted in the past and we expect them to act again at these levels and that is why they are proven levels.  However, sometimes market creates other proven levels during the day where we can expect traders to act again.  It could be any support or resistance level created during the day or a flip zone from where market kept bouncing off.  If we can identify such market proven levels during the day, we can successfully trade them with conviction like we trade the DP's and ranges.

On today's Nifty future chart I could find such proven level which acted as a strong Flip Zone.  Here is the chart and it is self explanatory.


As you can observe, prices were getting resisted at this Flip Zone in the morning.  Then around noon time it successfully broke this area and later came back to this same area to test it.  There was a PDH
as a DP above and also DP's like BRN, PDC below it, but it was difficult to trade there because price made a barb wire pattern around it.  This Flip Zone was clearly standing out and the price action proved it a "proven level."