Using third umpire my understanding of friday trades.I have numbered bars sequntially.This is how i should have traded.
Bar 1. Red Doji.Closes around 53780
BAR2;.I short on break of closing price of doji say around 53750 .S/L top of this bar around 53950.Low risk trade.This bar closes below 3 EMA. Take partial profit and stay short.
BAR3: A hammer.closes above 3 ema.Need to close
ONLY IF PRICE BREAKS HIGH OF THIS HAMMER.STILL SHORT.
BAR 4:
DOES NOT BREAKS HIGH OF HAMMER.still stay short.
INSIDE BAR .CLOSES BELOW 3 EMA. Stay short. need to add to positions in case
price breaks low of this red inside bar.or since its inside bar in case it breaks high of IB I can either
1.Close all my shorts or
2.close shorts and go long.
BAR 5:BREAKS HIGH OF BAR 4 AND I CLOSE SHORTS AND GO LONG.This bar gives good gains hence take partial profit when it gives 500-800 pips move for rest of positions trail stop to breakeven.
BAR6:S/L at break even hit for rest of the positions. Short on break of lower support around 52900 and stop on top of momentum bar as discussed in other post.
BAR 7:add to shorts when it retraces back and touches 15EMA.
Take partial profits on movement of 1000 -1200 points and trail the rest to breakeven.
Close everything by EOD.
Sir - please advice whether my understanding is correct.