price action trading

[soft_trader]

i trade only usdinr, liquidity is good and govt. commissions are low... my round trade cost me 17rs per lot...i know it is too much but this is what i am getting for the time being and i m looking for discount broker..

You can go for RKG. They provide NSE NOW free of cost. Brokerage for Currency is 99 paisa per lot. So in one lot USDINR breakeven comes to 3 ticks i.e. 0.0075

 

[saakk]

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count the bars plz

i thought of going short after the 9th bar bear close, i was waiting for a pull back of 9th and 10th bar and pull back came at 11th bar, but bar closed at its low, i placed my short at 5725 (below low of 10th bar) which got triggered at 16th bar, target was 5715 and my sl was at 5731 which got triggered at 17th bar, reason to take the trade:- it was gap opening and than a failed breakout to up side so i was expecting it to fill the opening gap. Mistake i feel i did that i shorted it below a series of dojis which is a kind of range and market tend to do what they are doing so it went back into range again. what do u guys suggest??

 

[manojborle]

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count the bars plz

i thought of going short after the 9th bar bear close, i was waiting for a pull back of 9th and 10th bar and pull back came at 11th bar, but bar closed at its low, i placed my short at 5725 (below low of 10th bar) which got triggered at 16th bar, target was 5715 and my sl was at 5731 which got triggered at 17th bar, reason to take the trade:- it was gap opening and than a failed breakout to up side so i was expecting it to fill the opening gap. Mistake i feel i did that i shorted it below a series of dojis which is a kind of range and market tend to do what they are doing so it went back into range again. what do u guys suggest??

Shouldn't the stop loss be above bar 9 high first, as he says there will be an attempt to run the stop which was obviously above entry bar for most of the traders

 

[manojborle]

Shouldn't the stop loss be above bar 9 high first, as he says there will be an attempt to run the stop which was obviously above entry bar for most of the traders

Also HOw did you come out with target of 5715

 

[manojborle]

Shouldn't the stop loss be above bar 9 high first, as he says there will be an attempt to run the stop which was obviously above entry bar for most of the traders

1st bar was a trading range bar and the bar which broke the trading range was a big bull trend bar.
So there should be a breakout pullback which was there and then it failed.
So short should have been after 14-15 bars, i did not count the bars.

 

[saakk]

Shouldn't the stop loss be above bar 9 high first, as he says there will be an attempt to run the stop which was obviously above entry bar for most of the traders

hello sir,
That sl would have been too big for me, as i was just trying to scalp out some points out of the trade that is 10 points this how i had target of 5715. 9th bar is a very bearish bar and i should have entered at its low (5732) and not at the low of 10th bar (5725).

 

[manojborle]

hello sir,
That sl would have been too big for me, as i was just trying to scalp out some points out of the trade that is 10 points this how i had target of 5715. 9th bar is a very bearish bar and i should have entered at its low (5732) and not at the low of 10th bar (5725).

As the stop loss was too big, the trade should be passed and we should look for another opportunity.

 

[saakk]

As the stop loss was too big, the trade should be passed and we should look for another opportunity.

yes you are rit.... after the 9th bar low i should have not entered... it was more of a impulsive than a logical entry....

 

[saakk]

This is how my chart looked at Friday morning i had my support ans resistance line drawn.(USDINR)

trade i took that day was at bar 35 low 55.1500 went short at 55.1475 with a sl of 55.1825, covered 75% of my position at 55.1175 on rest followed TSL (Trailing SL) which got covered at 55.0900 49th bar. Reason i took the trade was strong congestion on thursday almost for 3+ hours in closing hours so strong Resistance and on friday 34th bar was a doji and the next bar a reversal with a long up tail show so many longs are trap now at the top, 35th bar became a perfect setup bar. 41st bar was a one more place i could have added more but i didnt as market tried 2nd time to break above and failed which indeed traped more long.

2nd trade long i took was at 78th bar high it was a second entry long 55.1025 but i covered my position cause the next bar (79th) was a doji closing at 55.0850, after completion of the day i think rit entry would have been at 76th bar high cause long tail below shows so many shorts are trap and it is also a strong support from previous day and today. any suggestions?

my friday chart may look overdone wit lines but they are just trend lines, support and resistance and channels.

 

[saakk]

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