Monday, 24 August 2015

24082015


Big full gap down and turned out to be type 1 trend day. Missed the BO trade below BRN 8000.  Later it bounced back to the same area.  Shorted this time as BOF.  Covered when it bounced from LOD then.  In the afternoon took one more short at failure of 7950 which was acting as range extreme.  It moved well breaking 7900.  Covered when it seemed to bonce from 7850.

5 comments:

  1. Davebhai,

    Nice trades.. I dint traded today Looking to huge fall in morning and coulnt dare to take short trade after 230 pts down mkt.

    What made you to think that market has still more points to go down after such down move. are we not expecting a bounce or rangebound action in this kind of days?

    Looking forward to your valuable petronage.

    Thanks & Regards
    Bharat

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  2. Bharatbhai

    You would notice that I took both trades once it seemed like the bounce was getting over. As per our system, we tend to sell at range highs and buy lows on such kind of trending day. Even if it is going to be rangebound, selling at range high is the safest trade.
    URD

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  3. That was a good one Dave... I got carried over at one point of time, that after such a low, i started looking for buy signals ,... infact started buying when you actually exited @ ('Covered when it seemed to bonce from 7850' ....)by seeing a such long pin bar ... . . ..I dint place any SL for some time (in fact I was trading RELCAP ) & that is where I lost heavily ....

    Discipline was not there from my end... ( on a type 1 trend (DOWN) day I was playing LONG .. i paid the price ... )

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  4. Senthil

    I would say, try to forget it as one time mistake and remain conscious enough so that you do not repeat it. During strong momentum moves, think multiple times about reversal trades. Most of the time, reversal would fail. Read my post about it here, http://charttechnicals.blogspot.in/2015/08/trend-reversal.html

    URD

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