Wednesday, 18 January 2017

Nifty Future 18012017


It opened within yesterday's range and started moving up and broke out PDH. By this time it had already moved a lot, so with lot of hesitation took a long trade on BPB setup.  It refused to move and had to scratch it.  Looking at the price action, anticipated a break below PDH.  After waiting for some time, it did eventually break it and moved very well.  At the fag end, did not trade the BOF of DO setup with the expectation of rangebound movement and it did in fact remain rangebound.

Tuesday, 17 January 2017

Nifty Future 17012017


After the open, it attempted to break the PDH but failed and gave a BOF setup which moved well.  After reaching to BRN it consolidated for some time and even after that consolidation it could not break BRN and gave a BOF of BRN.  But the markets refused to reverse and instead remained range bound for rest of the day.

Monday, 16 January 2017

Nifty and Bank Nifty Future 16012017

(Nifty Future)

It opened gap down but found support at PDL.  It gave the BOF of BRN PDL.  Space was an issue as PDC was close but I was ready to handle it.  It got resisted around PDC and started ranging creating a barb wire.  Attempted one more long as BPB of this tight trading range. Expected it to move towards PDH but it did not and ended as a scratch.

(Bank Nifty Future)

There was one good setup as marked for direct BO of range high.  It moved well.

Friday, 13 January 2017

Trades 13012017

(Nifty Future chart)

It opened full gap but could not sustain above PDH.  Entered on BPB of PDH setup which moved some.  After that it started ranging.  Towards the fag end, given its inability to fall and break LOD, entered long on break of swing pivot which moved some.

(Bank Nifty Future chart)

There was one good BOF setup at PDL on Bank Nifty.  There was quick rejection from the level plus volume plus trend in favor. It moved well.

(Infosys Future chart)

In the morning today Infosys announced its quarterly results.  Decided to trade that.  Looking at the chart it seemed like markets did not like the results.  It came as a shock to the markets.  I have learned that whenever the news flow surprises the markets or gives a shock, markets are going to react to it strongly.  The same has been discussed in detail in my video tutorial and in the mentoring program with other traders.  It presented the opportunity, took the BPB of PDH setup and got rewarded very handsomely immediately.

Thursday, 12 January 2017

Nifty Future 12012017


I expected it to remain rangebound after the type 1 trend day yesterday and in fact it did remain rangebound the whole day without giving any good setup to trade.  No trades.

Wednesday, 11 January 2017

Bank Nifty and Nifty Future 11012017


It opened full gap up and I took a BPB long trade with the expectation of today being a type 1 trend day.   It lived up to the expectation and moved very very well.  This trade rewarded very handsomely and covered up for no-gains in last two days.


Nifty too moved in a type 1 trend day.  There was also a good BO setup with less risk as marked which moved well.

Markets had given all the clues for today being a type 1 trend day well in advance as explained in my video tutorial. 

Tuesday, 10 January 2017

Nifty Future 10012017


After breaking yesterday's range at open it again traded in the narrow range.  Attempted a BOF that range which ended as a scratch.  No other trades.

Friday, 6 January 2017

Record-Keeping


Good traders keep good records. They keep them for learning and discipline.  Without the good record-keeping, it is not possible to measure our performance as a trader, rate our progress, and learn from our mistakes.  If we do not learn from the past, we are doomed to repeat it.  If someone wants to become a better runner, keeping records of speeds is essential for designing better workouts. If money is a problem, keeping and reviewing records of all expenditures is certain to uncover wasteful tendencies. Keeping scrupulous records turns a spotlight on a problem and allows us to improve. 

I always keep a record of all my trades in a spreadsheet. It helps me analyze my profits and losses.  I also try to regularly post my charts on the blog to keep track of my entries, exits and what made me take those entries and exits.  

Whenever I open my spreadsheet to put new entries, I force myself to face the reality, the reality of my performance as a trader.  Sometimes this reality is very ugly to face, especially during the losing streak. But there is no other alternative but to face it, accept it and keep reminding myself of it every time I put new trade entry so that I become more cautious of it, reduce the trade size and take even less risks.   

If you are a trader like me and want to improve, I encourage you to develop this good habit of record-keeping.  You do not need any fancy software for that. Just a simple spreadsheet or a handwritten diary will serve the purpose of record-keeping. Click here to view mine.  

Traders fail because of impatience and lack of discipline. Good records set you apart from the market crowd and put you on the road to success.

Bank Nifty & Nifty Future 06012017


It broke out PDH in the opening candle.  Attempted a BPB long trade which turned out to be a very good trade.


It opened above PDH but soon started trading below it.  There was not any proper setup to short below PDC.  Later it formed a barb wire range and traded within it for majority of the time.  Waited for a good BOF setup which did not happen.

Proper understanding of "move and rest" concept and barb wire is very much essential in price action trading.  Only pattern trading is not going to work. 

Thursday, 5 January 2017

Nifty and Bank Nifty Future 05012017


It opened full gap up.  There were all the signs of today being trend day at open but doubted it because of lack of momentum and hence avoided BPB of PDH. Later once it started ranging, gave a TST setup at range low which reached the range high.


Bank Nifty was not as strong as Nifty but the up move of Nifty was playing in my mind.  Took the direct BO trade as marked expecting prices to reach to at least PDH which it did.

Wednesday, 4 January 2017

Bank Nifty Future 04012017


I took one trade as marked.  It was BPB of range low which yielded very little profit.

In Nifty there was no good setup to trade.  It traded in roughly 30 point range whole day.

In a lull period like this where prices refuse to move, it is very much essential to learn how to skip mediocre kind of setups, sit tight doing nothing and trade with the less risk.