Intraday: Mkt was expected to Gap down with global clues. The 1st candle shows a good positive sign to recover the gap, but within few minutes, mkt lost its momentum & started towards South. I was waiting for it to enter..
1) Short on the break of Day's low with momentum. Booked on the same candle, which broke 6300.
2) Another short on a Hammer on UBB in a range. Price broke today's low, but with no fast momentum. I was expecting till 6250, but Closed this with 20 pts.
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1) Short on the break of Day's low with momentum. Booked on the same candle, which broke 6300.
2) Another short on a Hammer on UBB in a range. Price broke today's low, but with no fast momentum. I was expecting till 6250, but Closed this with 20 pts.
Hi Deven,
ReplyDeleteCan you please explain your strategy of entering on a Break out. You do not seem to wait for pullback.
Thanks S.Karthikeyan
Hi Karthik,
ReplyDeleteGenerally I use BOF only, as i am very bad with BPB. But my 2nd tool is BB.
Now for this trade, the context was -
1) Mkt was gap down, so a Bearish Bias. To turn Bullish, it needed to fill the Gap, which didn't happen
2) To go up, a candle must close above UBB (as per me), & then a pullback occurs. I don't expect pullbacks after a Tag or FTC to BB end. so wasn't expecting any pullback.
3) The price crossed 50% of the Wide Range Green candle very easily alongwith a close below mid BB. Note the Mid BB turned Flat, so I expected the price to go atleast to the LBB. After a Tag at LBB, I was planning to close, but was again waiting for price to cross 50% of Big Red Candle & mid BB to go Flat..
Although i closed a little early due to my fear of not loosing. But satisfied..
Thanks,
Deven Malhotra
Hi Deven,
ReplyDeleteThanks for your clarification.
S.Karthikeyan