Nifty opened today full gap up. Expected some range move. Entered long on BOF of BRN. Covered it around HOD then. Again tried long on BPB of DO/HOD. Did not move much. Scratched. Then tried BOF of Range high. Booked it around BRN. It turned out to be a good day to day trade.
Davebhai,
ReplyDeleteDidnt understand your entry and exit on first trade. The rejection from bottom was not fast still why u attempted it. what made u to put booking order at days high at that time.. when do we trail and when we exit in this kind of move.
Thanks and Regards
Bharat
Bharatbhai
ReplyDeleteHere you need to consider the trend. It was trading well above PDH, so very strong up trend and I tried to buy at the probable range low. As I was expecting it to remain rangebound, booked it around HOD then. Try to trail maximum only when you feel it is in trending mode. Once you feel it is ranging, book at probable range extremes.
URD
Hello URD - Wish you a very Happy Birthday!!!
ReplyDeleteWish you great health & success for years to come .. Happy trading!
Thank you very much, Bhavir.
DeleteURD
There is a question URD. Plz have a look at this pic :
ReplyDeletehttp://imgur.com/aaXzizb
Sunil
ReplyDeleteSorry for answering to your query late as I was bit busy.
Here the expectation was range bound move at least in the morning session because of very big gap up. Secondly the best trading opportunity comes when the CT move stalls at the DP. So I was expecting a BOF kind of setup there, hence avoided BPB short.
URD
Thanks for your reply URD. But I am still not happy :) (Because I took that short trade and it didn't work out :))
ReplyDeleteSunil
DeleteIt is fine if it did not work out. Sometimes even a good trade decision turns into a loss. It should not stop you from thinking in right direction.
If you were trading today in the morning session, what would you have done? Tried a short below PDH or tried a BOF of PDH. Let me know.
URD