Wednesday, 27 May 2015

27052015



Today there was a full gap down.  Could not trade the sudden up move.  Waited for some consolidation after that spike.  Shorted at Range High on BOF.  Could capture 10 points only.  No other trades.


Tuesday, 26 May 2015

One of the extremes in first hour


Today I have made another small video to demonstrate the thumb rule "One of the extremes usually occurs during the first hour of the trading day."

Click here to watch the video.  It is actually up to us to maximize the trading gains using this information.  How?  I welcome your suggestions and ideas.

26052015


Today I attempted two trades.  First one was BPB of PDL.  It was moving well but could not capture this good move, lost most of the gains.  Attempted short again at BPB of LOD then.  Here hurried to trail the SL to last swing high instead of above LOD then   Lost couple of points.

What about shorting at the area marked on the chart?

Today later during the day I am planning to post another small video for the Tricks of the Trade series.  Notice today how DO remained the high of the day throughout.  It is something about that.

Monday, 25 May 2015

25052015


Today Nifty opened below the BO point as marked on the chart and has been trading in a narrow range since morning.  Expecting to trade the probable range, 8445 to 8415 or 8445 to 8400, at its extremes.  Let's see how it unfolds.  Will update soon.

Update

As expected it broke the range on downside.  Was not very confident to place the limit sell order at 8515.  Entered once it broke PDL after the BO candle at 8395.  Booked it at 8371 when it seemed to hold the 8360, 20th May gap area.

Sunday, 24 May 2015

Prices move toward least resistance


Today I have made a small video to demonstrate how we can use the thumb rule that "prices move in the path of least resistance" in price action trading.  We all know, as a thumb rule, prices most often than not will choose the path of least resistance and we need to keep the same in mind while trading and we need to actually apply it in the trading.

Hope you like it.  Please feel free to post your comments and valuable feedback about it.

Click here  to watch the video.



Friday, 22 May 2015

22052015


I could not trade today, however the following is what I have analyzed.  Nifty opened at BRN and broke PDC.  There was a good pullback entry possible at PDC as marked.  Second entry long could have been taken at Range Low of consolidation.  Then there was also one good shorting opportunity at Range High of Spike and Ledge pattern.

Thursday, 21 May 2015

21052015


Nifty today traded within the previous day's range.  Attempted one trade when second attempt to break the PDL failed.  Booked it when I felt it was not sustaining above BRN.  Missed the BOF of DO/HOD.

Wednesday, 20 May 2015

20052015


Today Nifty traded in barb wire pattern around PDH.  Took one trade as marked which was scratched with the profit of few points.

Monday, 18 May 2015

18052015


I was able to trade in the morning today.  Nifty's opening bar closed above the PDH and after the pullback it could cross BRN also.  Could not enter on break of BRN but later entered at 8302 when it pulled back to BRN.  Exited on what seemed to be triple top then at 8321.5.

Friday, 8 May 2015

08052015

Today was a good example of trading with the trend where the prices remained above PDH whole day.  Important points have been marked on the chart itself.  Have a look...