Thursday, 21 August 2014

21082014


Nifty opened near PDL/PDC but failed to break the PDL. There was a nice pin bar, the first candle, indicating rejection of the price below PDL.  Waited for the pull back after the initial move up.
1) BOF of PDL/PDC. This moved well breaking the BRN, PDH and all time high.  Booked it when there was a WRB followed by a pin bar and I was in good profit of 35 points and trading only the morning session.
No other trades.

In hindsight I could spot two good trade setups as marked on the chart.  One was BOF of PDH and another one was again BOF of PDL/PDC or BOF of LOL PDL/PDC and LOD. 

4 comments:

  1. Hi Dave, Good trades..

    May i know what is meant by ATH?

    Thank you,
    Kiran.

    ReplyDelete
    Replies
    1. Kiran

      Thanks. ATH is all time high.

      URD

      Delete
  2. URD,
    Why did you not wait for a pivot to form below PDH to go short? What gave you the confidence to short directly?
    Thx,

    ReplyDelete
  3. DM

    I did not take that trade. It was visualized in hindsight. It broke the PDH successfully and traded above it for a good period of time. Then there was a FTC, the first signal that it was unable to go higher. Then it broke below the swing pivot low and All Time High on downside, thus confirming FTC signal. Now you have PDH below it as FTA. Where would you short? Below PDH, isn't it.

    URD

    ReplyDelete