Friday, 21 April 2017

Nifty Future 21042017


It opened full gap up but there was no follow through.  This was the first sign of weakness.  After that traded in a very narrow range below PDH for a long time. Second sign of weakness.  Made an attempt to reverse but failed.  Another sign of weakness. Then broke out below the range which confirmed the weakness and presented a BPB setup.  The trade moved very well. Towards the fag end it made multiple attempts to break BRN but failed.  Did not expect a V shape reversal at that time and hence avoided BOF of BRN.

5 comments:

  1. thanks for the post . .. i was waiting for your read of the same chart . ..

    :-)
    zen

    ReplyDelete
  2. Nice trade Uday, Considering your successfull trading carrier in intraday trading. How did you solved the problem of overtrading or I can say avoiding mediocre trades, because many a times we come to know about the trade mediocracy only after the particular trade is scratched.
    Many a times a trade looks like mediocre but it turns out to be a trade of the week.
    what I mean to say is this.
    https://www.screencast.com/t/w0L8vGPpu
    https://www.screencast.com/t/OykdLBTm8

    Although these small scratched trades looks small,but they take away last chunk of points from you winning trades.
    Is there any way to get rid of them or one has to wait for some more experience.

    Kindly enlighten.

    Thanks

    ReplyDelete
    Replies
    1. Arvind

      It seems you are not able to differentiate between good and bad setups. Trading at the DPs with patterns alone is not going to work. In the trade examples above, you have not given enough weightage to order flow, acceptance and rejection of prices, pattern formation, location etc.

      Good setups happen when there are combination of things involve like trend, location, order flow, risk reward, space etc.

      Take the help of video tutorials or mentoring program if you have difficulty in understanding, reading and interpreting price action trading. I am sure with proper knowledge and understanding you will be able to do much better. You will be able to skip mediocre trades and trade the good setups with more confidence and conviction.

      URD

      Delete
  3. Thanks Uday for your valuable suggestion.

    Arvind

    ReplyDelete