Friday, 23 May 2014

23052014


Nifty opened gaped up within previous day range but outside the previous day closing range.  The initial three candles were doji and then there was a sudden up move.  Could not trade that up move as there was no pullback.
1) FTC of HOD.  Waited to short till it broke down below the flip, below the swing low. RN was very close.  Did not expect it to provide strong support as it got broken in morning up move without any resistance. Then there was a pullback from RN.  Shifted the SL to the BO candle.  Finally booked at 15 points profit.
2) BPB of RN. Took this trade as i expected PDH to not hold.  Booked at LOD.  Profit of 29 points.
3) BO of MSP, BPB of PDH. Went long above the flip.  Very strong up move. Booked at day close with 45 points of profit.

14 comments:

  1. Thanks PATrader for the visit and comment. Did you trade today??

    ReplyDelete
    Replies
    1. Yeah.. I am paper trading NF and USDINR.

      Delete
    2. PATrader

      I have never traded USDINR. Please share your experience trading it. Would love to learn about it.

      Thanks.

      Delete
    3. I have just started paper trading and back testing USDINR for about a week. It does not seem to respect the DPs with as much sincerity as the NF does. Plus it has wild swings and you need to have really wide SLs. But these are just initial obsevations.

      Delete
  2. If u have taken first BO trade that would have been icing on the cake.
    There is difference in price of GCI Demo account of Nifty & price on your trading terminal of Nifty fut, how do you manage that?

    ReplyDelete
    Replies
    1. vnk

      Thanks for the visit and comment. I usually avoid direct BO. So missed that.

      Regarding price difference, I have been using the MT4 since last 3 years. In my experience there is generally 5 points difference between GCI price and our broker price. Very rarely it fluctuates to 3 to 4 points of difference. So whenever I see the price on MT4 my mind automatically calculates that 5 points of difference. For example, you would see nifty BRN and RN in my chart plotted with that difference. For 7300 NF, there will be 7295 quoted on GCI MT4 terminal. Then I change it slightly as and when required as per S/R. My broker also provides 3M live chart of nifty but I don't look at it. I am just comfortable with this MT4.

      Thanks.

      Delete
  3. Sir,
    Thanks for the highly useful post. I also have the same doubt of vnk. Price of Nifty Futures in MT4 is same as the trading terminal at a given time?
    S.Karthikeyan

    ReplyDelete
    Replies
    1. SK

      Please see reply to vnk. If you still have any query please feel free to ask. I will help you out to the best of my ability.

      Thanks.

      Delete
    2. Sir,
      The GCI price is always less than the broker price? The difference is always on the lower side and never on the higher side?
      Once again thanking you,
      S.Karthikeyan

      Delete
    3. SK
      Yes, GCI price is always less than nifty future price. You need to add 4 to 5 points to GCI MT4 price for the actual nifty future price.

      Once you start using it, after some time you will be comfortable with this difference. Believe me it is not an issue at all. Have you started using it?

      Thanks

      Delete
    4. Sir,
      I have opened my MT4 account today. Earlier, I used it for a few days and discontinued. Your post could not have come at a better time.
      I will start using it from coming Monday onwards.
      Thanks,
      S.Karthikeyan

      Delete
  4. Sir, another question. How long the Demo Account will be valid? After the Demo Account period end, we have to open another Demo Account with a different name?
    Thanks,
    S.Karthikeyan

    ReplyDelete
    Replies
    1. SK
      I have been using the same demo account for last 3 years at least. It has been free so far. There has been no time limit for free demo account. I feel it will remain free in the foreseeable future.

      Thanks.

      Delete