There is a substantial risk of loss associated with trading Derivatives . Losses can and will occur. My methods will not ensure profits

Monday, November 3, 2014

03112014


Nifty gaped up above PDH. Failed to go beyond the first bar. Attempted two BOF longs and a short at range high. Nothing worked well .Managed without loss as all the trades were at the extremes. Daily still in rally mode and price within a higher range. NSE is conducting trading from their DR site on Nov 5,7. Data vendors are not equipped to connect to DR server so do not expect live charts.

19 comments:

  1. Hi ST

    Typical range day after a rally.
    Thanks for the charts

    TBP

    ReplyDelete
  2. Hi ST,

    I really like your system of trading; it was like finding the missing pieces of the puzzle.
    I have been following your trades on this blog and it’s really helping.
    Thanks a lot for sharing all this knowledge. It takes a lot of time and effort to make a good trading system and your efforts have really helped me and I am sure many many more.

    Lots of gratitude and regards,
    BS Chandran

    ReplyDelete
  3. basic question
    which candles you considered for 1st two trades and why?

    ReplyDelete
    Replies
    1. There is no importance for candles.
      The question is whether price is getting accepted or rejected at a level
      Here the prominent level is PDH. You can enter the moment you feel price is not getting accepted below this level
      Break of candle extreme etc etc will give some psychological satisfaction but will not change winning probability
      IMHO, swing points do matter, candle formations are not that important

      ST

      Delete
    2. thanks.. but was 1 st two trades were CT trades right? as per your previous advice CT trades are not advised till breach of msp

      Delete
  4. Dear ST,

    In your last trade, why didn't you TP at RN, given the day's movement, were you expecting crack below RN and NS BRN?

    ReplyDelete
    Replies
    1. That down move was showing some momentum
      I expected some positional unwinding due to holidays and data problem
      It did not work

      ST

      Delete
  5. 4th and 6th are trading holidays, if charts dont work on 5th and 7th, then this week is almost over :D

    ReplyDelete
  6. ST,

    At 10.00 why u thought that price is not being accepted below yesterdays high .. we had strong spike down 9.42 to 9.48 the up candle could be pullback of that down move. what gave u confidence to enter long there. ? also didnt understand your 10.54 long. Kindly eloberate. I just took your last trade and coverd at range low.

    Thanks and Regards
    Bharat

    ReplyDelete
    Replies
    1. There was another layer of support to be broken for the price to fall
      The confluence of NS BRN and RN 8350. it was a LOL
      http://niftynirvana.blogspot.in/2012/03/layer-over-layer.html
      In a trending market the last impulse acts as a range generally. 8350-80 is the last impulse.
      That is how ranges are formed in the market.A short can be attempted either at the range high or on BPB of the range low. BOF of a range low is a signal to go long.
      http://niftynirvana.blogspot.in/2012/05/trading-ranges.html
      There is another concept called MSP without the break of which a trend reversal is confirmed
      http://niftynirvana.blogspot.in/2012/12/major-swing-pivots.html
      There is nothing special about 10.54 trade. Normal BOF of PDH/PDC and NSBRN, NS confluence.
      Further it was a trend trade with daily in Rally mode and price in a higher range.
      It can also be considered as a Double bottom trade. Risk was also acceptable
      15 point space was also there to the logical target of range high.

      ST

      Delete
  7. ST sir

    No data means no charts for many traders. Will they trade without charts? if no, then there will be very few traders trading on those days. I think it will be difficult to trade the market without the fellow traders. What you say?

    URD

    ReplyDelete
    Replies
    1. Most of the professionals will stay away, I think. So volume will be less
      I will stay out if Ichart is not available. Data will be available from NSE DR site at Chennai, but many data vendors do not have the infrastructure at Chennai to receive and distribute it.

      ST

      Delete
  8. Hi ST,
    Should we attempt to trade at all (using zerodha charts or something like that) on those two days given most people may not have data for charts?.

    ReplyDelete
    Replies
    1. I will stay out if Ichart is not working.

      ST

      Delete
  9. ST,

    I assume you have data? apparently NSE has said data as usual.

    ReplyDelete
    Replies
    1. ST, do you plan to trade on Friday?

      Delete
  10. Hi ST,
    SL-M orders - today I had an interesting experience. I tried to place an SL-M buy order exit. and it automatically turned into an SL order with trigger at the given price and upper Price at 9197.20 Perhaps that is the reality of an SL-M order, but it scared the living daylights out of me :D

    ReplyDelete
  11. Hi ST,
    No update from your end for 5th trades..
    regards

    ReplyDelete

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