Friday, 23 October 2015

6 comments:

  1. Thanks dave same trade. I believe many didn't trade because of long weekend

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  2. Davebhai,

    Why you avoided short below 8310 (11.41)on range brekdown . is spend too much time below days open and formed range. and then broke down. i shorted there but had to scrach .

    Bharat

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    Replies
    1. Bharatbhai

      Where is the space for that trade to move? BRN and PDH are just below it. And why do you want to sell at the Range Low when prices are trading above PDH? Better trade setup is selling at Range High (8320/25 at that time).

      URD

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  3. How about short trade below Range Low considering SL orders below RL after price failed to go beyond the DO after the long trade.
    Thanks.
    - Charles

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    Replies
    1. Charles

      Go through the answer I gave to Bharat above. Also you need to wait for the prices to get accepted below PDH for any short trade. Only pattern trading is not going to work. There have lot of other things that you need to consider.

      For example, look at the chart comprising last one week price action. It broke the highs of last three to four days by full gap up and it just pulled back to that breakout point to test it during the day. That is the normal price behavior.
      Now tell me, what would you look to do at 8280-90 level? Buy or sell?

      URD

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    2. Agreed Sir I ignored the two DPs below. This was more of order flow not pattern trading, which resulted in big red candle. I need to use checklist. And yes, Shorts below PDH around 8290 if there is a proper set-up .

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