A new Life, A new Career, A new Dream - I am a Trader

[TraderRavi]

Why there was a short entry at 5933

cause nifty was falling :thumb:

 

[Taiki]

EOD Summary

A bad day, missed my first short trade below 5933, Tried to enter in a pullback , but did a typo.. Took a loss of 18 points

After that did 5 trades, 2 breakeven, and 3 in loss, lost another 20 points..

Net 6 trades, loss = -38 points

Frustration has added up with series of whipsaws and loosing trades, had stopped trading by 2 pm, last short signal was a good trade. I was sure that market will fall in the end, but had to stay away for MM as daily risk was near the upper circuit.

Hoping for a better tomorrow.

Reagards
Taiki

 

[Taiki]

Why there was a short entry at 5933

This was a short below 1st 3 min candle as price did not sustain above/near yesterday's high and rejected sharply. but the next candle too fell quite fast and I could not enter short.

Regards
Taiki

 

[prabhsingh]

Taiki,

When did you decided to close trade and book losses?What percentage you keep for StopLoss?

 

[Taiki]

Taiki,
Didnt quite understand why there is no trading opportunity in the circle. If you see, there are a few overlapping candles starting from the 5th candle after B, forming a range. What prevented you from taking a Long above this range?

Yes, there was a range formed in 1min chart which was taken out quickly, but the high of the range was 5317.5, So my buy stops would have been at 5318, and Stop loss at 5300, risking a 18 points is out of my R:R and risk ability. Thats why I told that I did not get any reliable setup to enter. As you can see after support taken from 5300 my stops will stay below that, and my entry should ideally stay close to my stops as that is where I will risk the least.

And this is what makes pullback less probable sometimes too, quite often the support and reversal gets quite sharp and does not give chance to enter and ride it. So I do not prefer riding all the tides but those who will favour my R:R and are high probable.


Regards
Taiki

 

[Taiki]

Taiki,

When did you decided to close trade and book losses?What percentage you keep for StopLoss?

my stop loss in general are 8-12 nifty points, now not taking at all the trade where the risk will be more than 15 points.

Reagards
Taiki

 

[Taiki]

Trade Setup for 13 Sep 2013

30 Min chart

On upside S/R lines are at 5950, 6020
On downside S/R lines are at 5825, 5775, 5700

3 Min chart

Nifty was in a correction mode yesterday, and fell making lower high, lower low. But recovered sharply from day's low in last 30 min and closed above 40 odd points. below 5825, NF may come down to 5775, Sep 10's low. and 5750 which is the 23% retracement of the recent rally from 5100

Global Index
US markets closed lower, EU markets gave a flat to negative closing. Asian markets are down except Nikkei and Stright times which are flat to green. SGX nifty is trading down by 0.26%. Nifty may open down too and test yesterday's low.

Trade Area
1. BPB/BOF at 5825
2. BPB/BOF/TST at 5775
3. BOF/BPB/TST at 5950

Regards
Taiki

 

[jain.er]

Virat bahi (Taiki) do u take BRN into your trading calculations and how

Also I usually place SL TP orders with .5 point as a the limit price do you think that's a fine way or can i can improve that say by using SL-M orders or using a higher or lower filter

 

[Taiki]

All the Asian markets are in red now with SGX nifty down by 1%

Regards
Taiki

 

[Taiki]

Virat bahi (Taiki) do u take BRN into your trading calculations and how

Also I usually place SL TP orders with .5 point as a the limit price do you think that's a fine way or can i can improve that say by using SL-M orders or using a higher or lower filter

No id o not trade BRN/ BPB/BOF near BRN as I do for my S/R lines.. But I have seen whenever a pivot is formed in 3 min chart near BRN, the break of that pivot gives a high probable trade and odds seem to be working in the favour.

Regards
Taiki