Seeing the 15min Chart as is.

[jamit_05]

Got out of the Long trade.... does not look good...

 

[jamit_05]

In one of the pages of a good book, the author clearly and simply said that most traders do not know the meaning of "taking Risk". He pointed this to be the most decisive milestone. Just cuz one is entering a trade does not mean that they have accepted risk. They sure know how to get themselves into a risky situation, but have they really accepted Risk?

This got me thinking. I knew I will not find this "meaning" in any book or lecture. It is one of those things in life that you have to realize.

 

[jamit_05]

Short entry formation below LOD.

Expectations: After entry, I will bear to hold against minor hiccups, but since this is an anti-trend entry if it gets ugly, like breaking 5 min pivots or ema, then will seek early exit.

 

[jamit_05]

Short entry order placed at 19.75; SL 10 pts.

 

[jamit_05]

There was a long entry above 6628, as it was a 5 min HH-HL setup. But it appears weak because it is not at days high. After a gap up, one likes to see a continuation of that momentum, else it is often a reversal or a sideways day.

 

[jamit_05]

An important hourly support level has formed at yesterday's LOD. If that is taken out, then price could reach for the lower side of range on the daily chart.... i.e around 6450-6500. And this will happen fast as it is a breakout failure kind of a move.

Meaning, if I get an intraday short entry today and the day closes below yesterday's low, then I will convert into a positional trade.

 

[jamit_05]

Short entry order placed at 19.75; SL 10 pts.

There won't be much momentum till it decides to clear 6605.

On the flip side, I will go long, i.e. SAR above 6628 if it happens quickly.

 

[jamit_05]

There is one sign that indicates strong movement on oneside or the other, when the difference between TBQ and TSQ is in multiples. This is the case today, so lets hope.

 

[jamit_05]

The 15 and 30 min bars closed reasonably alright... nothing to be too happy about... this qualifies the trade to be held with full qty till SL is hit.

 

[jamit_05]

Today, short only below 6588; if happens, then will hold till EOD.
Long defensively. Will look to make the trade risk-free by exiting half qty at the first chance I get. Since, yesterday failed to sustain fresh high of Mar series.