Disclaimer : I am not a Research Analyst. Hind sight analysis for FUN. Trading future will incur losses. DONOT TRADE
Nice trade shashank. Didn't feel that as a CT trade.
Hi Shasank,When price keeps trading in a narrow range for a long time and eventually breaks down, most of the times, price reverses immediately, due to the absence of follow up selling. We also see a reasonably strong second leg of the move after such BO,at times. Apart from location, what else we can consider to know the probability of a good second leg?
Hi Karthik, Can I suggest one exercise. Please gather list of examples which moved and which got rejected.We will discuss them in detail.Collect date in which it occurred.
Sure, I will.
Would like to know, how you look at the BO on these days. What would have been the thought process on trade management, if you have taken these short trades.1) On 5-5-17 at 11.51 2) On 4-5-17 at 12.18 3)On 21-4-17 at 12.51.4)On 18-4-17 at 12.39 5) On 10-3-17 at 14.03On 21-4-17 and 18-4-17 BO of NR happened after minor pullback.Thanks.
Look the post(updated). When consolidating always look at Lower high formation (for shorts) and HH for longs.That will give you enough clue . If you fee the Risk is < 10 points go for Direct BO. Along with your assessment of space(next DP).Remember we are not looking for certainty here. Your thinking should be If I do this 10 times with R:R of 1:2 (min) what will be the result.
Feel free to discuss more if required.
Thanks a lot Shasank, for the nice explanation. It was like the chart revealing itself on what it is going to do.Once again thanking you for sparing your time and sharing your hard earned wisdom.
One question.What exactly do you mean by "no clue of knocking"? Price must hover just above Range low?
Lower high formation
Ok. Thanks, Shasank.
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Sir are you change both trend and bias after Nifty breaks DP and accept above/below it?
Depends on Situation amith, we cann't have such strict rule.But yes most of the time what you said is correct.
Thanks sir.One more silly doubt, how you answer comments very quickly? yesterday you immediately post charts, is it from laptop or mobile?
Sheer coincidence :).I was browsing while comment came answered them immediately.
Hi Shashank sir, what was your preparation while non trading days. How you prepare for next day?
Go through you trades for that week, look for mistakes and try not to repeat them in this week.