Tuesday, 9 August 2016

Aug 9

Big Picture
RBI announcement Day: No Trades till announcement.
Announcement expect soon
Crazy PA
11:19 Surprised to see lack of moment is this a range kind of day ?
Will the prices stay inside the range which are already formed ?
Possible Trades
11:41 Recognized 4 Ranges
and possible Trades.

11:42 entered from range 3 to Range 2 no rejection seen. Will be careful taking short Trade here.
11:44 feel indecision not able to take call will wait for more confirmation or let let go of this trade.
11:45 As decided will let this trade pass unless weakness in bulls is confirmed.
12:05 Now ranges are clear
12:07 Only Trade I have is short at PDL. Good DP to go short.

12:37 For some reason Measure moves keep working again and again :)
With this I think down move has ended. It may consolidate for some time before continue down
Or give us short entry near MSP/BRN.
So wait wait... patience....

12:56 Seeing 8686 as MSP this could be place to take short trade. 
13:04 something cooking at 85
13:10 Planning to go short here
13:12 Short at 76 will see how 66 DL behave. Ready to scratch if it is not a BO of DL.
13:22 Trade scratched. Looks like Down Trend strength is slowing down.
13:26 Looking to take short trade at BRN or MSP.
13:35 It didn't moved from MSP as expected. So no OF trapped. 
13:37 is it reversal up trend looks strong.
13:39 if this doesn't move up then longs are trapped will be good violent move down. Lets see.
13:48 Longs are failing I see a juicy setup to go short below 8684.
13:49 longs trying very hard to sustin the level and move till 8700.
13:51 Gaining strength. Lets wee how they go from here. If they fail will be good move down.
13:53 Nope(longs) are gaining strength. Bulls plz slow down :)..
13:55 Nope longs are in strong position they will test 8700 for sure.
13:59 Another attempt to go long failed. if there is rapid rejection / Fall will go short at 8683.
Else it could be a channel going up then stay out. hmm
is it a channel ?
14:10 why is that level defended so heavily ?
14:11 If I go by what prices are doing going short below this level of 8683 is a good trade. Not sure why that is being defended. Lets check volume once 
14:13 Clearly bulls have retained this session.
14:13 is BPB a good trade to look at. on the on set it will be a CT trade. so let see if we can get a good BOF near BRN.
I see one Danger channel move to BRN will lead to BW so be very very careful
3 Ranges and Possible BW what to do ?

14:20 I think only possible good trade is BOF at the MSP lets see. LOL ?

14:22 Remember there is a strong FLIP at 83 so it has to be a Strong BOF to take short.
14:23 Nope looks like a good BO and it is holding in that range :(. 
14:39 Short at 8698 stop at 8712.
Scratched at -6 pts.
Done for the day..

In Hind sight : Could have avoided that trade took it with FOMO I think. Not sure...
after Thoughts:
If I think about it I did the right thing. This was a BPB which failed. So when short. May be could have waited for Channel to break that is the learning to take from today. Will keep that in mind.