Friday, 18 March 2016

9 comments:

  1. URD,

    Curious to know why you ignored 7550 level today.
    Crude just finish wild fall.. are you trading it?

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    Replies
    1. Rose

      I am curious to know why should I give importance to RN today. What is special to it?
      I have not been able to trade crude oil today. Just intermittently checking the charts.

      URD

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    2. URD,

      RN is DO and lower end of yesterday's prolonged range.. I took BOF long trade.. and later ignored suspecting BW around same.

      Seeing you haven't even plotted that level, I was surprised.

      Delete
    3. Rose

      Once we get the new range, we need to trade that new range. Here the new range at that time was 7530 to 7580 roughly. Only DP which is close to that range extreme per my chart is DO. So I have marked that only and ignored whatever comes in between the range. Also I don't consider RN as DP. I use RN only to manage my trade.

      You cannot trade the DP system without having the proper and clear understanding of how to trade the ranges. If you don't know it, I would suggest you to first learn it properly.

      URD

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    4. URD,
      Took the trade you marked. but could not keep profits due to quick reversal and my TSL got hit (I am trading 7500pe) . On hindsight Profit should have been taken at DO or 12pm pivot. How would you have managed the trade?

      regards

      rb

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    5. Raghu

      Proper trade management is a challenge and it is very hard to master. You need to follow your own rules and price reading skills for the management of trade.

      Here two things possible. 1) If you feel and your reading suggests it is going to remain in the range, best thing is to book close to other range extreme, i.e. DO/LOD. 2) You wait and see if it is able to break that level and then decide about booking it out. Here there will be always a risk of price reversing quickly, like this, and taking away most of your profit.

      Sometimes there will be days like 17/03/16 where it keeps on breaking the levels and sometimes there will be days like today where it will reverse quickly.

      Remember, you cannot be in a party everywhere in the town. You can enjoy the party only at one place at a time.

      URD

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  2. Thanx Uday - one option (in the future) is to enter 2 lots with one exiting at 1x - rest carried on TSL. Right now trying to read correct entry opportunities.

    rgds
    rb

    ReplyDelete
    Replies
    1. You can try that way. I feel more comfortable with entering and exiting at once, all in all out.

      URD

      Delete