It opened below PDL and initial range formed. Shorted below the initial range. It refused to move much. Ended as a scratch. Then it remained in the range. Shorted again at BOF of Range High. Tested the patience and ultimately moved to Range Low. Booked when it bounced from it. Missed the last TRAP entry short as it came very late.
Hi Uday,
ReplyDeleteTrap was bit tricky to take. Considering BRN and Range low ? Let me know your thoughts. Ignoring time when it came. Would you have taken it ?
Shashank
DeleteYes, if time is not an issue, one can attempt. Enter at the lowest low that it made, BRN would be FTA. Keep a small SL. If bounces from BRN, scratch it. Else let it run.
URD
Sir kindly update which lowest low u prefer to enter and if possible kindly mark it on the chart thnx
DeleteAmber
DeleteThe lowest low it made till that point, i.e. 8006.
URD
Sir thnx
DeleteHi Uday,
ReplyDeleteFor 2nd Trade, I exited prematurely (this was the only trade taken). I thought IRL might act as FLIP. I read it as 2 ranges 8050-8030 and second trade from 8030 to 8010. When price bounced from FTA(as per me @ 8030). Scratched the trade.
Where am I erring ?
Shashank
DeleteOur entry point should act as flip plus you should give it some time to move. Here the location where the trade was taken was very good. It was taken at Range High where prices were below PDL. So I decided to give it some time, about 1 hour max. Plus entry point was acting as a flip.
URD