Friday, 10 February 2017

11 comments:

  1. Dear uday,
    Same as yesterday trade setup appear in opening hr taken short on break of 8814 but trade turns scratched.
    Why yesterday strategy not worked here? Something is missing in PA reading ?
    Why not short taken at 1:30pm on break of initial range low? Why BOF pattern considered?

    ReplyDelete
    Replies
    1. Prab

      I wish the trading was so easy that we could trade each and every pattern/setup. If it was so easy, ST sir would not have written 50 articles on it.

      There were 6 setups today and if you want to trade only the setups you can trade all of them. Find them here,
      http://imgur.com/a/VTwCA

      Now you need to use your brain and weed out the not-so-good setups with the help of trend, its strength, range, support/resistance, its strength, pattern formation, space, earlier price behavior, risk/reward, etc PLUS your experience.

      So whenever someone raises the doubt why the trade was taken here and not here based on the setup only, he/she is wasting his/her time as well as mine. It is very essential that we all do our homework and preparation well first.

      Yesterday, the PA was different at 8830 level because that level was virgin level. Today you cannot expect that level to work as strong as yesterday because it already got tested yesterday. Once the prices keep testing the level again and again, that level becomes weak.

      The short that you want to take in afternoon is a countertrend setup which I don't prefer. Plus there were multiple levels, range low, PDC, BRN so you expect that confluence of levels to hold which prices proved by giving you BOF setup.

      URD

      Delete
  2. Same trade here.
    Today was one the easiest days to trade. Long long consolidation --> BO of consolidation --> BOF and luckily a good pattern also.

    But, I was not able to capture yesterday's move. Kept waiting and waiting and just couldn't find any setup to enter.

    And surprisingly, I am very happy with the way I traded yesterday. Didn't chase the market at all !!

    No cringing and whining about lost trade. It didn't give me a good setup as per my liking and hence didn't trade it. That's it !!

    ReplyDelete
    Replies
    1. Sunil,

      It feels good to hear that you could control your emotions. It is perfectly fine if you could not feel comfortable trading. We are not God and will miss lot of opportunities. Our success depends on how we manage ourselves and the trade and come out as a winner out of it.

      URD

      Delete
  3. Uday,
    I have same query as prab26 that how to weed out medicore trade & how to find good setup?

    ReplyDelete
    Replies
    1. Prakash
      Read the Sunil's comment above. When the trend, bias, location, space, pattern, risk reward are in favor, we can say it is a good setup.

      URD

      Delete
  4. Uday, what is your data provider name for Amibroaker charting platform.

    ReplyDelete
  5. Kiran

    Just few days back I replied to same kind of query.

    Here it goes,
    I fetch the RT data from NOW which is provided by the broker. Here is the link on the video that I posted in the past regarding fetching the RT data from NEST or NOW.

    https://charttechnicals.blogspot.in/2016/01/free-live-amibroker.html

    Hope it helps.

    URD

    ReplyDelete