Hi ST, 2nd trade can this be taken as pressure play? Considering BOF of IRL . Though this was with trend ?
To add to my previous comment: thought process is :Lot of shorts are trapped because of BOF of IRL ( 3 tests). Could be traded for PP on top of DH.
We can try a long. But stop triggering alone will not make a moveThere should be follow up buying and today it was not comingST
Hi ST,"There should be follow up buying and today it was not coming"--> Not clear what you mean by this. For a breakout how do you look follow up trade. Won't this be too late ?
Stop loss triggering alone cant make a move. There should be fresh buying or selling from momentum traders in the same direction. We will know this only on hindsight. The BO will fail if there is no follow upST
Got it .. Thanks ST.
Hi ST,Thank you.
Hi ST,can 11.40 high can be MSP and failure of second BPB as short ?Regards
MSP is relevant only on a trend move, not in a tight rangeMSP crack means the last impulse is failing to make a consolidation range and likely to be a price reversalFailure of second BPB is a short signal. It is BOF of Range highThis bounced back from BRN ST
Hi ST,Did you think about taking a BOF of IRL/BRN? And if so what were your reasons for not entering? Thanks.
Price enveloped the IR and made a barbed wire around BRNTrade this new range and not the mid pointshttp://niftynirvana.blogspot.in/2012/10/brackets-and-envelops.htmlhttp://niftynirvana.blogspot.in/2012/06/barbed-wire.htmlST
Hello Sir,Thanks for posting your charts from the battle field which have immense educational value unlike teaching gurus who never trade themselves.I have a question regarding overall price action philosophy.If I generate a random price chart, a price action trader usually can't tell its a random chart but can come up with a coherant price action story for the chart (eg: BOF happened here, trend line got broken there etc etc.).Is randomness fooling PA trader in this case? or PA is the absolute truth which works well for both random data or real chart?I understand traders trade to make money not necessarily to ponder on philosophy.'If it makes money shut up and use it' is very practical mindset but I would love to hear from you.
Most of the time price moves in the markets are random and will not give a trading edgeAll the Technical analysis including price action trading is an attempt to identify a location and direction of non random moves that can happen in markets. Traders try to exploit this edge and make money. IMHO , DP method has an edge and it works reasonably well. There are no absolute truths in markets. If somebody finds it out, he will own this planet earth in no timeST
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