Tuesday, 28 June 2016

Nifty Future 28062016
















Since the Brexit event, though the markets reacted negatively to it, I observed that buying was emerging from the lower levels, on Friday and Monday. Today again in the morning prices proved that in the form of giving an initial move up and crossing BRN and PDC on upside. After that it traded in a narrow range, trading mostly in the upper end of the range. This gave me confidence to look for direct BO long entry.  It ultimately happened and had the enough force to break the PDH (last two days high). It yielded good.  After a BOF of RN it reversed in a V shape, breaking below PDH.

There was no other good setup to trade.

4 comments:

  1. Uday,
    Where did you enter on BO? I could not enter on the BO of narrow range as the PDH(last 2 day's high is very close). and later prices crossed PDH and i was waiting for BPB setup but did not happen and could not enter the trade.

    ReplyDelete
    Replies
    1. Kiran

      Entered above the highest point till that time.

      I already discussed in the post the background behind taking the trade. Please have a look at the video,
      http://charttechnicals.blogspot.in/2015/06/taking-breakout-trade-near-dp.html

      URD

      Delete
  2. Good morng URD,
    After taking direct BO we have to place BO candle low ad SL, otherwise BO level should act as flip but yesterday more than 5-6 candles below the BO level, why not you think to scratch it.

    Thanks

    ReplyDelete
    Replies
    1. AKS

      I had the conviction in the BO trade and kept a SL around 8110 (swing low). It was within the limits so did not get worried when it pulled back deeply.

      URD

      Delete