Friday 24 March 2017

Mar 24 2017



Missed morning BO trade Attempted BOF scratched.

Answer to comment 2#










Think through your trade managment#
1> Entry bar
2> Good move stops at 10 .
3> Pullback (Buffer zone) good sign. lets hold this trade.
4> Why the flip didn't break hmm
5> Buffer zone , lets see if this holds
6> hmm again flip didn't break. Shall I exit here. Trading with trend, Strong flip below.  Lets move the stop to 32
7> Strong rejection bar.  If the price break below 5 lets exit. Top flip is proving too strong to break.
8> Stopped out. 
Posted by at

8 comments:

  1. Chirag24 March 2017 at 15:57

    Hi,
    Thanks for the chart.

    I would like to have your view on drawing ranges. Please have a look at the link for the chart :
    https://drive.google.com/open?id=0B6rehnP-s8BEYkpwNnRlZGZCbXM

    After market stopped moving up, I marked a narrow range incorrectly. And I took a BOF expecting another leg up. How would you look at it?

    Thanks,

    ReplyDelete
    Replies
    1. xrtrader124 March 2017 at 16:37

      Hi Chirag,
      Nifty Future is guided by Nifty option strikes. Which are placed 50 pts apart.
      Look at entire Price action in morning
      1> BO of PDH lot of stops triggered.
      2> Took support (pullback) at 9130 then moved one more leg till 9144.

      In total it has moved close to 40+ points. Don't expect another move unless consolidation of 1.5 - 2 hours. Logic being this will accumulate lot of OF hence chances of one more move is probabilistic-ally high.

      Any move of 40+ points is called extended move. Don't look for immediate move again.

      Also while drawing ranges it should be obvious. Just think will this range be visible in higher time frame. If yes go ahead and trade that range.

      Delete
    2. Chirag24 March 2017 at 16:47

      Thanks! Visibility in higher time frame really drives the point home.

      Delete
  2. nifty for bread24 March 2017 at 16:07

    Hi Shasank,
    Thanks for the chart.
    Please give a briefing on how you trail your trades. You seem to trail, bit far, as a precaution against getting stopped out in case of TRAP. Do you follow the same strategy in case of shorts too?

    ReplyDelete
    Replies
    1. xrtrader124 March 2017 at 16:49

      Hi Karthik,
      I manage the trade based on Price action. Posted thought process as 2nd chart. I follow similar thought process for long and short trades.

      Delete
    2. nifty for bread24 March 2017 at 17:52

      Hi Shasank,
      The manner in which u managed trade was very nice. Will try to emulate you. Thanks.

      Delete
  3. A24 March 2017 at 18:33

    Hi. In way to go post in nifty nirvana. ST mentioned learning dp method is life long utility. What does he mean? Do we able to trade this method life long with edge? Popped out from my mind when I was reading today. What is your understanding

    ReplyDelete
    Replies
    1. xrtrader124 March 2017 at 20:02

      Hi Arun,
      For me it is like knowing a person. More time you spend better you know them.

      Delete

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