Positional: Booked All shorts today at 6235 when Mkt refused to go below 6200 & ahead was weekend, so wasn't good to hold positions.
Intraday: Market gap down & my bias was bearish. Avoided 1st BOF marked with Pink arrow because mid BB was showing Uptrend. Took below trades-
1) Short on the Top of range as BOF on UBB. Got few points
2) Again a Short on BOF on UBB & Range high. Stopped out & market kept moving higher & higher. Didn't find any suitable Long signal.
Overall a No Loss day for Intraday trades.
20140103162049.png)
Intraday: Market gap down & my bias was bearish. Avoided 1st BOF marked with Pink arrow because mid BB was showing Uptrend. Took below trades-
1) Short on the Top of range as BOF on UBB. Got few points
2) Again a Short on BOF on UBB & Range high. Stopped out & market kept moving higher & higher. Didn't find any suitable Long signal.
Overall a No Loss day for Intraday trades.
20140103162049.png)
Sir,
ReplyDeleteWhen you took the second trade, mid BB was sloping up. Any specific reason, why you went against the direction of mid BB in this trade?
Thanks, S.Karthikeyan
Hi Karthik,
ReplyDeleteYes, you pointed out right, but there were few things, which made this trade valid & a high probability trade -
1) Order Flow is above all. First & Foremost thing to do in trading is to locate where general traders will enter & will put their SL. It was the 4th cross from a DP & failure. The red candle passed more than 50% of the green one, so i assumed that the Longs are trapped & their stops will get me to the 6200 level.
2) whenever any fast move ends, The Opposite BB turns towards the price. Same happened here, which made me think that Upmove has come to an end.
3) Market was negative from yesterday. I was expecting that traders will not leave any long position open for the weekend.
I hope it clarifies..
Thanks,
Deven Malhotra
Sir, Thank you very much for your detailed reply. I will go through your past trades, which will definitely improve my trading wisdom.
ReplyDeleteS.Karthikeyan