Master one trick only

[avny]

BNF 3 MIN COULD NOT TRADE

 

[avny]

hi anvy can you post nifty entry for today....

have some confusion.

HI,
as per my set up there was no entry,today in 3 min T/F(generally i trade this T/F),because the pull back after the breakout did not come near the high of 1st 3 min candle and by the time i was busy in other trades

but on 5 min T/F it gave a beautiful set up for long

 

[Vertigo_1985]

in case of long why wait for bull candle as signal candle and why not enter above simply enter above LWP ?

 

[Biswajit Das]

avny, ur setup is so simple, but great. every day traders should follow this strategy to be consistence successful trader who is having poor TA knowledge like me. thank u.:thumb:

 

[niftytaurus]

in case of long why wait for bull candle as signal candle and why not enter above simply enter above LWP ?

sorry for my ignorance..but what is LWP?

 

[Vertigo_1985]

sorry for my ignorance..but what is LWP?

LWP - last wholesale price.
Lance has mentioned this term in his book. It's the price after which lot of traders would be trapped in loosing position and so any move to previous level would be met with lot of opposite order flow.
Like a double bottom fail in an uptrend, if the price breaks a previous swing low and fails to sustain below that level then you would be watching most recent level from where sellers pushed price low. A move above that level would prove that the sellers entering below that level have been proved wrong and they would be buying to exit their shorts.

 

[oilman5]

Good thread avni..................there is truth in way u have expressed.

 

[toughard]

LWP - last wholesale price.
Lance has mentioned this term in his book. It's the price after which lot of traders would be trapped in loosing position and so any move to previous level would be met with lot of opposite order flow.
Like a double bottom fail in an uptrend, if the price breaks a previous swing low and fails to sustain below that level then you would be watching most recent level from where sellers pushed price low. A move above that level would prove that the sellers entering below that level have been proved wrong and they would be buying to exit their shorts.

so according to you what was LWP of last day?

 

[toughard]

now is it like pull back breakout is @ 5624.42 in 2 min google chart nifty?

 

[avny]

todays trade

short axis bank 168.90