Thursday, 7 January 2016

Nifty Future 07012016


Tried four trades and nothing worked. First trade, I think, was a good trade taken but I messed up with SL trying to scratch and exited very early. Right SL placement is beyond RN and price never breached it. On second trade tried to go long thinking it will remain rangebound and will atleast give a PB to RN.  Then took two short trades expecting range BO. Again here messed up with SL placement. I think trading with the large quantity is playing a role here with SL placement. In order to avoid big loss, I am trying not to put the SLs at correct place.  Will have to work on that and find a better solution.

14 comments:

  1. And I thought that the market was specifically targeting my stops :)

    http://www.bakwaastrading.com/2016/01/another-cliffhanger-day-trading-jan-7.html

    ReplyDelete
    Replies
    1. Augu Bhai

      But you still managed to do well.

      URD

      Delete
  2. i am using this DP strategy on stocks....I got messed up with a similar trap which happened in Tatasteel... your 1st trade is same as mine but with Tatasteel. ... lost badly ...
    :-( ..

    ReplyDelete
    Replies
    1. Zen

      There is nothing wrong with the system or market. It is us that goof up. Markets will always keep testing us.

      URD

      Delete
    2. Zen

      There is nothing wrong with the system or market. It is us that goof up. Markets will always keep testing us.

      URD

      Delete
    3. Thanks for your comments... They are golden words ...
      " It is us that goof up. Markets will always keep testing us "

      Delete
  3. look into this link....
    http://tradewithdeven.blogspot.in/2016/01/intraday-trades-07012016.html

    The place where we were stopped out (1st trade) , is when he entered Short , riding the complete trending day ...

    ~zen

    ReplyDelete
    Replies
    1. Zen

      Yes. In a downtrend selling a range high is the ideal place to initiate short. I waited for some sort of confirmation in the form of BOF of RN which never really happened. Third attempt TST should be considered for entry, this is what last few days price action proves.

      URD

      Delete
  4. Hi Dave Sir

    Since i was not trading since two days as i faced problems and hickups in my laptop and today only i have made it good. Hopefully tomorrow i will start again. You are right it is us who messed up and not the DP System or market. The same situation happed to me earlier when i scale up my lots to 6-8 from 2 suddenly and in two days only i messed up my account badly due to same reason that placement of wrong SL. Then i decided to scale down to old levels and decided to once be profitable with the current lots atleast for two months and scale up in the systematic manner after reading an article of YTC regarding the topic.

    Thanks

    DPT

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    Replies
    1. Vikas

      Thanks for the insight. I will read that article. Few things are there in my mind. Will work it out.

      URD

      Delete
  5. Thanks Uday, Very sure you would have analyzed short comings and have a plan for it by now.
    I took one trade (last trade of yours).

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    Replies
    1. Shashank

      All the right ingredients were there. Decline mode, downward trending market, consolidated enough in narrow range. But unfortunately, market refused to move and decided to chop at that time. Nothing in our hands to do.

      URD

      Delete
  6. URD Hello,

    Regarding your first trade. I sold 6 candles previously, when I say that the marked wasn't able to continue higher and exited as you entered. I sold the range high? Your 2nd trade...I sold where you bought. I played a BPB of the range. Isn't this the way that lance, nifty, bf taught us?

    Many thanks

    Gar


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    Replies
    1. Gar

      You did the right thing. I messed up a bit.

      URD

      Delete