A new Life, A new Career, A new Dream - I am a Trader
- Thread starter Taiki
- Start date
From my personal experience it's not suitable to begin trading with all the setups. PB, TST are comparatively low probability trades and should be avoided initially as it needs very good skill set to trade them. BOF, CPB, BPB are relatively easier to trade and are higher probability trades.
Even if one is trading all the setups he has to take into account the over all market environment. Have you considered what type of setups is suitable for which type of environment ? like, are you able to identify whether it will be a strong trend day(Pb are suitable) or a trend day involving multiple pb.
Just my opinion, with no intention to digress you, just thought that you should know
.
Regards
Even if one is trading all the setups he has to take into account the over all market environment. Have you considered what type of setups is suitable for which type of environment ? like, are you able to identify whether it will be a strong trend day(Pb are suitable) or a trend day involving multiple pb.
Just my opinion, with no intention to digress you, just thought that you should know
.Regards
In this past 1 month I think there will be 1/2 days where I have used PB/TST setups. Or may be I am not so good now in picking them up. Like today it was giving some good PB setups in the strong uptrend. Otherwise I have traded mostly the BPB/BOF/CPB setups.
Out of these 3 setups I am trading BPB/CPB quite efficiently, but sometimes feeling a bit reluctant in taking BOF setups as sometimes they are developing as a counter trend setups .
Regards
Taiki
EOD Summary
Trade on 3 Min chart
A pretty straight forward day with strong bullish momentum resulting in an uptrend. Did only one trade today. But had to close the terminal and leave by 11am as had some other personal works at hand today. So had to exit from my long position early, and missed some 40+ profits. Yet I am happy for atleast following my rules perfectly.
Trade on 1 min chart
Entered long at 5632, Initial SL was at 5622, Through the course of trend TSL was moved to 5635, 5643. At the break of yesterday's high I had to leave, so closed the long at 5662.
Net gain for the day = 30 points
Price continued its up journey beautifully and went above 5700. Today was quite smooth and it was easy to manage the TSL. Hopefully I will maintain the same discipline in all trades from now on.
Regards
Taiki
Trade on 3 Min chart
A pretty straight forward day with strong bullish momentum resulting in an uptrend. Did only one trade today. But had to close the terminal and leave by 11am as had some other personal works at hand today. So had to exit from my long position early, and missed some 40+ profits. Yet I am happy for atleast following my rules perfectly.
Trade on 1 min chart
Entered long at 5632, Initial SL was at 5622, Through the course of trend TSL was moved to 5635, 5643. At the break of yesterday's high I had to leave, so closed the long at 5662.
Net gain for the day = 30 points
Price continued its up journey beautifully and went above 5700. Today was quite smooth and it was easy to manage the TSL. Hopefully I will maintain the same discipline in all trades from now on.
Regards
Taiki
For TST, BOF try using trend of higher timeframe. Like if higher timeframe trend is up then take bof or TST of lower level in trading timeframe. BOF is higher probability and easier to manage because of trapped traders.
He has mentioned about market structure, have you made your market structure journal ?
He has mentioned about market structure, have you made your market structure journal ?
Trade Setup for 14 August 2012
30 min Chart
S/R Lines
On upside the resistance are 5760, 5800-5815, 5840
On dowsside the supports are at 5700, 5660, 5590-5570
3 Min chart
In trading framework price was in uptrend yesterday making higher high and higher low. Upward momentum was seen in bulls through out the day. Price was accelerating up.
Trade Area
1. BPB/BOF at 5700
2. BPB/BOF/TST at 5660
3. BPB/BOF at 5760
Global Index updae
UK and US market closed higher, with Asian market are mixed this morning. SGX Nifty is down by 0.3%, so we may see a flat to negative opening this morning.
Goals for the day
- Like yesterday trail my SL in every trade
- End the day in green or breakeven, avoid making loss
Regards
Taiki
30 min Chart
S/R Lines
On upside the resistance are 5760, 5800-5815, 5840
On dowsside the supports are at 5700, 5660, 5590-5570
3 Min chart
In trading framework price was in uptrend yesterday making higher high and higher low. Upward momentum was seen in bulls through out the day. Price was accelerating up.
Trade Area
1. BPB/BOF at 5700
2. BPB/BOF/TST at 5660
3. BPB/BOF at 5760
Global Index updae
UK and US market closed higher, with Asian market are mixed this morning. SGX Nifty is down by 0.3%, so we may see a flat to negative opening this morning.
Goals for the day
- Like yesterday trail my SL in every trade
- End the day in green or breakeven, avoid making loss
Regards
Taiki
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