Learning to catch High Probability Breakouts
- Thread starter amitrandive
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vibhor
There is an entire thread devoted to NR7.
Check this
http://www.traderji.com/advanced-trading-strategies/29825-trading-nr7-setup-290.html#post323030
:thumb:
There is an entire thread devoted to NR7.
Check this
http://www.traderji.com/advanced-trading-strategies/29825-trading-nr7-setup-290.html#post323030
:thumb:
My Day Trade in BPCL
5 Min Chart of BPCL of 13/11/2014
5 Min Chart of BPCL of 13/11/2014
After BPCL earnings , CLSA downgraded BPCL which was a strong reason to short BPCL.
CLSA said that oil marketing companies (OMCs) no more benefit from falling crude price after diesel price deregulation and warns that these companies may have to bear one-time inventory losses as crude falls.
Already gap down on 13/11/2014,BPCL opened much below previous low.Waited for a pullback and shorted at 741.5 where price pulled back to 20EMA.
Covered short @ 729.6 where the price broke 20EMA.
My Day Trade in Ranbaxy
5 Min Chart of Ranbaxy of 28/10/2014
5 Min Chart of Ranbaxy of 28/10/2014
In the daily chart had sideways movement for 11 days,forming a strong support level around 590-595 levels.
On 28/11/2014, it broke previous day high of 600.95.On the same day the first 5 min candle had Open=Low of 600.1 , so it was a strong bullish signal.
I immediately got long around 606.5.Price went up and started consolidating around 611-612.Exited at 610.4 at break of 20EMA,as we are never sure of the Results reaction on a stock price.
Reentered at 608.3 at price breaking 20EMA again and it spurted like a rocket as that was the time when results were declared.
Note on that Day EMA 20 on Daily time frame is 604.81, so this is the stop loss in case Ranbaxy starts to reverse.
Sudden parabolic rise may have been followed by a sharp profit booking so I exited early at 633.5.
Daily Chart of Ranbaxy.
From the Daily chart 641 was an ideal exit point as it was a previous resistance on 7/10/2014.And expectedaly Ranbaxy made a high of 642.5 and reversed to close at 633.75.So it seems even if I would have waited for EOD close my exit would have been the same.
Ranbaxy had results on 28/10/2014(Edited the date, typo).
In the daily chart had sideways movement for 11 days,forming a strong support level around 590-595 levels.
On 28/11/2014, it broke previous day high of 600.95.On the same day the first 5 min candle had Open=Low of 600.1 , so it was a strong bullish signal.
I immediately got long around 606.5.Price went up and started consolidating around 611-612.Exited at 610.4 at break of 20EMA,as we are never sure of the Results reaction on a stock price.
Reentered at 608.3 at price breaking 20EMA again and it spurted like a rocket as that was the time when results were declared.
Note on that Day EMA 20 on Daily time frame is 604.81, so this is the stop loss in case Ranbaxy starts to reverse.
Sudden parabolic rise may have been followed by a sharp profit booking so I exited early at 633.5.
Daily Chart of Ranbaxy.
From the Daily chart 641 was an ideal exit point as it was a previous resistance on 7/10/2014.And expectedaly Ranbaxy made a high of 642.5 and reversed to close at 633.75.So it seems even if I would have waited for EOD close my exit would have been the same.
In the daily chart had sideways movement for 11 days,forming a strong support level around 590-595 levels.
On 28/11/2014, it broke previous day high of 600.95.On the same day the first 5 min candle had Open=Low of 600.1 , so it was a strong bullish signal.
I immediately got long around 606.5.Price went up and started consolidating around 611-612.Exited at 610.4 at break of 20EMA,as we are never sure of the Results reaction on a stock price.
Reentered at 608.3 at price breaking 20EMA again and it spurted like a rocket as that was the time when results were declared.
Note on that Day EMA 20 on Daily time frame is 604.81, so this is the stop loss in case Ranbaxy starts to reverse.
Sudden parabolic rise may have been followed by a sharp profit booking so I exited early at 633.5.
Daily Chart of Ranbaxy.
From the Daily chart 641 was an ideal exit point as it was a previous resistance on 7/10/2014.And expectedaly Ranbaxy made a high of 642.5 and reversed to close at 633.75.So it seems even if I would have waited for EOD close my exit would have been the same.
I am not able to exit properly..I tend to exit as soon as the price starts moving backwards....i mean at first shake up...I am able to book only 20-30% and rest iam leaving on table..
I am using 2 min charts..Can you advise on how you decide when to exit??
Hi
There are no hard and fast rules for entry and exit.It depends on the price action and the type of market viz:trending or sideways.
It is said that "In a market ,Amateurs know when to enter and Professionals know when to exit"
You cannot exit at the top or bottom.You always have to leave something on the table as a tuition fee to the market.
Some good articles for your reference,
http://lessons.tradingacademy.com/article/exit-strategies/
http://www.fxstreet.com/education/learning-center/unit-4/chapter-2/exit-strategies/
http://www.learntotradethemarket.com/forex-articles/guide-to-exiting-trades-successfully
http://www.millennium-traders.com/news/exitingatradeattherighttime.aspx
There are no hard and fast rules for entry and exit.It depends on the price action and the type of market viz:trending or sideways.
It is said that "In a market ,Amateurs know when to enter and Professionals know when to exit"
You cannot exit at the top or bottom.You always have to leave something on the table as a tuition fee to the market.
Some good articles for your reference,
http://lessons.tradingacademy.com/article/exit-strategies/
http://www.fxstreet.com/education/learning-center/unit-4/chapter-2/exit-strategies/
http://www.learntotradethemarket.com/forex-articles/guide-to-exiting-trades-successfully
http://www.millennium-traders.com/news/exitingatradeattherighttime.aspx
- Status
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| N | Learning to trade(I'm new to this). | Beginners Guide | 0 | |
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| F | Learning to Fish | Technical Analysis | 10 |
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