Wednesday, 10 August 2016

Aug 10

2 Trades
1st BPB went well.
2nd BOF reversal trade CT. Had to scratch.
I will be on Vacation till next Tuesday Not going out. Some renovation work at office so not a good idea to trade.  Will be back after that.


Explanation of Today PA#
1> Previous day corrective wave could act as range.
Initial Move was fierce back into Previous day range
2>Waited for pullback which was weak.
3> Short at 3
4>  4 was target but it broke very well so trade held.
5> Second attempt failed to move hence booked at 5
6> Thought it was DL
7> Is market indicating actual level
Was hoping for a PP trade or BPB trade at top of the range
8> Small flip formed, would have gone long if a BOF was seen. One can see some bulls where interested to take it up.
9> Possible of DL one more test , pivot at 11 CT trade to go long, R:R is good end of the day.
12> Entry acted as flip held the trade.
13> Exit when Flip broken.
14> High chances of this being a BW (Reason being BW is formed when BULL and Bears fight at a region.) So stay out.
Done for the day....

Have one more observation will post it shortly..
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Feel for Market
Few years back when some I used to wonder How does one feel the market it is not a physical object to touch.
But if focused properly market can be felt. You need to feed some data to your gut to get that feel.
In my view there are only 2 way to get feel for market
1> Put on a trade with some size. (reason being you tend to focus with all your intent on market because of reward)
2> Analyze important bars.

Will try to explain:
1> Big bar looks important immediately taken over by Bull bar which is equally prominent. Looks like bulls are pitching in.
     Changing Bias to Bullish. Put a reward so that you are more focused. Example will go for a coffee break if bull reach other extreme. This will tag you brain.

2> Week follow through this wave might not go all the way to other extreme.
3> WRB red then WRB green hmm fight is happening bull are buy at  that levels Bias is long
4> Poor follow through (no bear orders triggered).
5> Another attempt by bulls to trigger stop orders not successful
6> Weak Bear bars....continuing
7> Entire entire bull attempt to go up neutralized. But Bears are not showing strong intent to move down.
    Changing Bias to Bearish. Put a reward will go for Tea if this reaches extreme and BO
8> Small Flip formed.
9> Bull taken over hmm bears are gaining strength
10>Strong Bear bar.. Bears are gaining strenght.
11> Strong tails looks like Bears are push down with lot of intent.
12> Hmm expected BO which failed , this could trap Bears.
13>  Let see another attempt failed. Bears are trapped.

Attach some reward when market does as you expect (coffee, tea..). This will keep you focused.

Trade go long above Pivot
Flip should hold, hmm flip broken exit.


17 comments:

  1. Hi shashank i was looking for trading arcade, is it available in India/bangalore? Please share some information about your office space setup.

    ReplyDelete
  2. Hi Amith,
    Didn't understand Trading arcade what do you mean by this.
    Office Space:
    Bare minimal office cube with internet, water. I carry dongle as backup just in case.
    You can hire a Cube in bangalore and pay rental for it. It is just like Normal office with basic amenities and security guard.
    Many start up prefer such locations.

    ReplyDelete
    Replies
    1. Yes trading arcade means office space with internet.
      Are you took rent a cube? how much rental for it?

      Delete
  3. Just search coworking space bangalore you will find many. Negotiate will you should be able to pick a decent cube for 3.5-4K.
    You even have some high end office desk who charge 7-10K.

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    Replies
    1. Thanks for the information, are you rent a cube or you work in your own office space?

      Thanks

      Delete
  4. Was working from Rent Cube, Moving to my Office shortly.
    Nothing fancy rented a small room near home.

    ReplyDelete
  5. Another friend of mine will join me so we split cost. Works out well.

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  6. Sir ,
    how u determine at 2 pullback is weak? kindly explain Tday again I did same mistake like yesterday.

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  7. Hi Prakash,
    You need to look at 2 aspect micro and Macro.
    Macro is quite clear Strong initial move so Trend is down.
    Now Target giving importance to Nuances:
    1> 2 Green bars are corrective wave, this is bit weak but not worth initiating trade.
    2> After that this corrective wave had a pull back. If so steam was left it should have at least cleared high of green bar.
    This didn't happened
    3> hmm ok Looks like wave is weak.
    4> Only 2 possibilities now either it will act as BW or Will go further.
    5> Looking at Range it is well accepted below BRN (hardly any bar outside BRN ).
    6> So minimum it will reach DL if you see a bounce exit else Stop is high of Green bar. Good R:R if low of range is tested --> This is the Trade plan.
    7> Now forget everything and follow the plan. Keep repeating will exit at SL or Bounce from DL.
    Just follow the plan. Most of the time you should be able to scratch the Trade at Break even.
    1-2 Trades will go in your favor that will take care of your profits.
    Hope that is clear. Remember always be ready to scratch on bounce lets not get married to trade.

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  8. I really appreciate your post ... with so much elaboration ... writing your thoughts for every candle ...

    Great !!

    ~zen

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  9. Good trade as usual shashak. I like your approach by taking a cube for rental and working outside from home. I wasted my valuable time in bangalore when i was working from home, it was very difficult to work from home as your concentration\focus will be diverted very often.Feel like i could have met you earlier

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    Replies
    1. Everything happens for Good Kiran, Feel free to ping when you are in Namma Bengaluru :)..

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  10. Sure Man. I am eager to meet you in Namma Bengaluru.

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  11. Hai shashank, as you said its weak pullback as it fail to reach the green bar in corrective wave, in case if it reaches the green bar and go above BRN then if it rejects at BRN, still you take TRADE or you left it.

    ReplyDelete
    Replies
    1. made a post to answer your question.

      Delete