It opened at PDC and attempted to break it which failed. I was thinking about taking a long trade there but it moved quickly and missed it. In noon time it formed barb wire around BRN and traded in tight range for a long period. Attempted a short trade on direct BO which refused to move well.
Later tried again direct BO of HOD/range high thinking it will have enough power to break the PDH. It moved per expectation breaking PDH and moving much higher.
Today, also I am sharing with all of you the reasoning behind taking these trades which I discussed with two other traders during live mentoring session in market hours.
Trade 1 with the chart and reasons behind the thought process:
Sunil, once we know we are trading the range, we need to find the way to trade that range.
Trade 2 with the chart and reasons behind the thought process:
seems to be barb wire around brn
Yes, but for last 20 mins trading below BRN.
Trade 3 with the chart and reasons behind the thought process:
Now HOD can preset a good setup there. BRN is not acting as a DP so we can ignore it.
HOD is acting as a range extreme.
Since trend is up, even a direct BO above this range can be tried. It should have enough power to break the PDH. But having said that, good setup is always above PDH.
You are maybe an engineer, IT expert, MBA or a simple graduate or managing your own small business. You would have spent lot of money and number of years for your education and building up your career., so that you can live rest of your life comfortably. But have you ever thought, what amount of time and money you spent for building up day trading as a profession. Are you putting your efforts in the right direction? If not then think about it. If it requires you to take someone's help to put you in right direction, never hesitate. Go ahead. Do whatever you can do to shorten your learning curve. and reach your goal You will never get the second life.