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Tuesday 29 December 2015

Intraday Trades - 29.12.2015

Intraday: Mkt remained above Old range today.. Took 2 trades. one as TST & other as BOF of old Range.

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2 comments:

  1. zen29 December 2015 at 16:45

    1. your first trade is a TST of range top, I understand.
    2. Your 2nd trade - before you realize its a BOF old range, what made you to skip the short entry of the entry into the old range ( a big RED candle, 5 bars before the BOF GREEN candle) ?

    ~zen

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    Replies
    1. Deven Malhotra29 December 2015 at 17:05

      Hi Zen, there are many reasons-
      1) Any TST target is last pivot only. To break a pivot/ range, one should get BOF of the high. Here , no BOF occured, so i wasn't expecting much from the shorts.
      2) Trend is Clear UP. Sustenance below whole Old range was start of Sell on Rise for Bigger targets.
      3) RH & RL both are DPs. so if i would have taken a short at Old RH, its target was RL-- not a good RR.

      All this made me avoid this short. and in Up bias, i generally take trades with reasonable SL than CT (Counter Trend) which was Old Range low in this case.

      Thanks,

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