Here is the today's NF chart with my Ambush trades and mistakes. I have reviewed some of my mistakes and would request the seniors to kindly comment on the same.
My first trade was a short at break of PL of 10:00 candle. it was triggerred at 4422.
Observations:
it was a 50-50 trade. It was against the higher TF which were all bullish and we had gapped up. I would/should have avoided it. But my question here is, at times we see reversal coming and that is first captured in 5 min charts. Here also, the morning first candle was an inverted hammer and then a PL break, may be suggesting a reversal. But as we all know, it didnt. Any views on this please?
2nd trade:
It was a SAR of the first trade and went long at 4448 and added at 4461. However, I had placed my stop at 4445, below the B/O bar low of 4450.This was a bad mistake as the PL were far off. though the chart shows a low of 4445.55, but i gt a fil of 4445.My doubt here is about the adds. When we add, we are bascially increasing our capital at risk. Sometimes, new PLs are formed before ADDs and we can comfortably move our SLs there, but in certain cases(like today BNF), there are vertical moves and SLs cant be updated and we miss out on high moves?? I know that a 2 bar WRB rule is also available, but here we are in Ambush. How to tackle it?
3rd trade:
Was again a short(counter trend) trade with a weak PL. I think this statement itself suffices as to why it failed.
if any one can give any views/comments on the same, it is highly welcome and appreciated.
PS: Saint sir, i saw your thank on TJ on Vineet's reply to my query. I would be glad if you can help me out a little here.
My first trade was a short at break of PL of 10:00 candle. it was triggerred at 4422.
Observations:
it was a 50-50 trade. It was against the higher TF which were all bullish and we had gapped up. I would/should have avoided it. But my question here is, at times we see reversal coming and that is first captured in 5 min charts. Here also, the morning first candle was an inverted hammer and then a PL break, may be suggesting a reversal. But as we all know, it didnt. Any views on this please?
2nd trade:
It was a SAR of the first trade and went long at 4448 and added at 4461. However, I had placed my stop at 4445, below the B/O bar low of 4450.This was a bad mistake as the PL were far off. though the chart shows a low of 4445.55, but i gt a fil of 4445.My doubt here is about the adds. When we add, we are bascially increasing our capital at risk. Sometimes, new PLs are formed before ADDs and we can comfortably move our SLs there, but in certain cases(like today BNF), there are vertical moves and SLs cant be updated and we miss out on high moves?? I know that a 2 bar WRB rule is also available, but here we are in Ambush. How to tackle it?
3rd trade:
Was again a short(counter trend) trade with a weak PL. I think this statement itself suffices as to why it failed.
if any one can give any views/comments on the same, it is highly welcome and appreciated.
PS: Saint sir, i saw your thank on TJ on Vineet's reply to my query. I would be glad if you can help me out a little here.
