Tuesday, 29 September 2015

8 comments:

  1. Hi Uday, let that trade go because of risk. Just watched no trades

    ReplyDelete
    Replies
    1. Shashank

      That is absolutely fine. Remember, do not chase bus, train, a girl or a trade setup. There will be always another one available, very soon.

      URD

      Delete
  2. Dave,
    I liked this way of capturing/recording your thoughts with the chart. Wish you get time always to post like this...thanks.

    ~zen

    ReplyDelete
  3. HI
    Please clarify my queries and will be oblige if you answer those queries.

    1) I took only one trade as shown in the picture below and closed the trade on SL execution. Please see the picture and guide me that whether my entry was correct or not considering that I was not aware about the event (RBI Repo Rate Announcement) and trading without having knowledge of this event. Also was my SL correctly placed.
    Thought of Place Trading - Market opens full gap down and trading in a tight range of 7720-7740. BO of IRL occurs at 1133 and prices went down till 7708. Thereafter prices pull back to the BO level. Went Short at Pull back as shown in chart (link below). Although the BRN-7700 was just near.
    http://postimg.org/image/dsc5co3j5/

    b) After breakout, I found that volatility was quite high and decided to stay away from market because my account is very small and any further loss due to high volatility will badly impact my account. Was this a correct decision or you want to add something in that.

    ReplyDelete
    Replies
    1. DPT
      Nothing wrong with your entry. You also managed your trade well. Whenever you are not comfortable or you are not in sync with the market, it is always better to stay away.
      Decision point trading works best when daytraders are in control of the market. What happens on event day is there are lot of other forces from big institutions, investor side of the market impacting on the market. So on any event day, stay away till the event is out and once dust settles, look for the trade setup.

      URD

      Delete