Trade1:
Short at 7738, below IRL,PDC.. with initial SL 7742
SL hit; exited trade with loss of 6 points
Trade2:
Long at 7742, as BOF of PDC.. with initial SL 7737
Moved SL to 7745, below swing low
Moved SL to 7748, as NF failed to sustain above IRH
Trail SL hit; exited trade with profit of 4 points
Trade3:
Short at 7743, as BPB of RL.. with initial SL 7751
Moved SL to 7743, high of PDC BO candle
Moved SL to 7741, break even
Moved SL to 7728, above PDL
Moved SL to 7712, after 2nd push below BRN failed
Moved SL to 7708, above high of BRN BO candle
Moved SL to 7702, as nifty seems reversing swiftly
Trail SL hit; exited trade with profit of 41 points
Trade4:
Long at 7706, after TST of BRN.. with initial SL 7698
Moved SL to 7711, low of WRB attempted to scale above PDL
Moved SL to 7720, below low of PDL BO candle
Moved SL to 7732, below low of PDC BO candle
Moved SL to 7745, below low of RN BO candle
Moved SL to 7754, below earlier HOD
Moved SL to 7761, below low of PDH BO candle
Moved SL to 7767, below pull back low
Exited trade at 7788, at EOD with gain of 80 points
Points earned : +119
Excellent trades
ReplyDeleteThanks.. how was ur day, Lucky
DeleteRose mary, Today is good day for most of the traders. But my first trade was loss but second and third got good points. But still feeling first one hrs trade is very difficult for me.....Once trend is clear then most of my judgement is clear.......So far not familiar with DP concept..I have been in the market for long time....so most of the decision is based on pure observation !!!!!! frankly learning stage .....
DeleteLucky,
Deletetrading narrow range in 1st hour is difficult task.. most of my failure trades are coming in IR trades only.. to overcome this weakness, i play with tight SL.. but when such trade works,, it covers loss of 3-4 trades :) .. check my 1st & 2nd trade today.. no much space to move.. low probable trade .. but still i attempted, taking calculated risk.
hi
ReplyDeletehow many years u have been in markets ? and from how many months u r trading DP method?
curiously asked becoz ur trades are excellent.
Chandra Mouli,
Delete1. Started as investor in Jan - 2008... market welcomed me with LC, the next day when i purchased 1st stock
2. Following CNBC... Averaged till 13k on Sensex... Finally exited at 10k... END of investor era, in me.
3. Started journey as tip follower, through various channels... almost tried 10 subscriptions i think.. It went on flat... some gain... again loss... Back to square.
4. Won lottery on 2009 double circuit... as i carried CALL: PUT.... it took 1 year for me 2 lose all those BIG gains slowly...Back to square by Mar 2010
5. Took break, till 2011 Sep...
6. Got introduced to JNSAR, in Ilango sir blog...
7. It took 1 1/2 year for me, to stay on profit side... after a month end... by trading JNSAR
8. Had good gains in row, in period July 2013-Feb 2014.
9. Messed up with shaky moves before elections & missed whole rally, when I introspected my trades… I found I may do better job as intraday player.
10. Searched for good intraday system in APR & May... & came to know about Nifty Nirvana
11. Started reading ST Sir, e-Book & Posts.. I felt this is the method suits me best & I was looking for!
12. Did paper trades for 2 weeks… read the e-Book n Posts again... this time concepts were more clear
13. Started trading with 2 lots... so far, it is wonderful journey... Need to scale up lot size... I will do that after completing 100 days of DP Trading.
You are expert in both - quickly coming out of wrong trades and trailing the right trades - very difficult to accomplish this feat !
ReplyDeletevikram,
Deletei think the hidden secret, why DP trading is giving excellent trades is.. " We initiate trade with less risk, high reward zone... even if we take trade.. when FTA is 6-7 points away, if we can plan to exit with 2-3 point SL.. it helps really.. because some times the fall is very sharp.. U will not get BPB opportunity to short"
Example is today fall below PDL.. i was lucky to riding short already.. otherwise i would have missed... the gain in this trades, make you to take extra risk in next trade..
Hope i am able to convey the point
I had entered the short SL at 7726 as soon as the BPB of 7742 happened, but I did not want to enter trade above 7730. I got this trade covered at 7708.
DeleteThen I entered at 7711 as BPB of BRN and PP trade. It got filled at 7712. I had kept trailing SL at 7721, but when NF started consolidating, I revised my SL to 7728 and got stopped out. After that I could not enter the long trade.
Regarding your trades, I think you keep very close SL when entering the trade, but when the you are in breakeven, then you start keeping trailing SL at either swing low pivots or at the low of the BO bar of DP. Correct? Or based on the market conditions (choppy vs trend), you decide to take SL. I am still learning to keep the right SL. Sometimes, I keep SL and get chopped out fast and sometimes in trending market, I get stopped out at SL and see the market going away. Your guidance will help me.
vikram,
DeleteI use pull back high/lows, DP BO candle high/lows, flip zones.. as trial SL.
Some times our SL might hit.. and nifty continues its journey.. it happens.
If you observe, my trade3.. i have trial SL at 7742.. 2 points above IRL.. NF touches 7740.15 and reversed.
Usually i keep 2 points above DP.. as trial SL.. its working most of times.
Hi Rose Mary,
ReplyDeleteNeat trades.. learning a lot from your's and ST's blog...Thanks once again :) :)
GK
GK,
DeleteChecked your trades... pay more attention near PDH/L DP's.. sharp moves comes through these DP's... we don't get BPB entries all the time.. a direct BO can be attempted, provided it is work of risk... U may like to use check list
Again, during reversal.. PDH,PDL.. act as pause zone.. if you can give more space for trail SL here.. it will be good..
Rose,
DeleteThanks for those points....Yet to gain confidence on direct BO... Yes, I have already gone through the checklist.. with your permission I would like to copy it in my notepad??
Your journey as Investor to trader is amazing, I think we all fall in the same category.. may be this is how a PRO-TRADER is made.. Wishing you all the very best.
Regards,
GK
No permission required Guru :) .. make use of it.. i got that info from U R Dave e-book
DeleteThanks Rose :)
Deleteu always use SL order for entry , trail and exit right?
ReplyDeleteYes, i write down, next trade entries before hand... for example, once today's 1st trade is active & not moving as expected, i placed order for long entry (2nd trade).. along with SL of 1st trade... this way, you can stay with less tension.
DeletePlanning next trade entry point before hand & punch in the entries.
u mean visualise the next move according to checklist and place SL order and wait for it to trigger ,after trade executed u r on the trade , next step is to manage the trade with trail SL order. am i right?
DeleteCorrect... see small barbed wire around PDL today.. one can place BPB Short order, below lower extreme level & long order, above PDC,IRL.. with small SL (into range).. this way, you can relax till the time market decides break either side.
DeleteI hardly see the chart for 30 mins i guess.. unless market is very choppy... visualize next trade opportunity, identify trigger levels.. place orders & relax till trade gets initiated.
in general if we place SL orders with 1 point difference b/t triger and limit. approx how many lots we can trade(or we can get filled),? simply asking but im still single lot trader.
DeleteIn normal moves, i don't see any slippage when i traded 20 lots.. till some time back!
DeleteIn case of DP trading.. if we suspect sudden moves below any important DP.. and trading more than 10 lots.. having 2-3 points difference is good i feel.
Hi Rose,
ReplyDeleteKudos to you again for the excellent trades,I think the plus point is that the method doesnot have any bias for the trading day and thus enabling one to take long and short trades in the same breath,I still have to learn lot regarding this method but with the guidance through both ST sir and your post will be able to improve,Thanks once again
Joe P,
DeleteIts all about controlling emotions & trade the patterns... ofcourse after evaluating against check-list... rest market will take care of.. how much to give you or take back :)
As ST sir said.. screen presence is key for discretionary trading
i am reading st's blog and often reach your blog. you may see rarely my comments on st blog. on 4th july i wrote:
ReplyDelete"In your last trade, my thought process was "there were three dp's viz RN, HOD and PDH, the space between entry and RN was not giving good risk reward, and the shorts built up below LOD , would have been taken out in reversal in fluid zone or at most Triggering with StopLoss at BRN" i would like to know what was wrong in my thought process, and what i need to do for overcoming the same.
Thanks, as always for guidance.
Shai"
and the reply from ST was
"Pay attention to the big picture. Market is in a bull orbit . scaling new peaks day by day
Price tried to go below PDL and got rejected after closing the 02072014 gap.
Look at day chart. The flip is holding and price gets rejected.Finally what is your risk on this BO trade.Hardly 5 points with a stop below PDL. It may reverse from RN. So what? keep the SL below BO bar.Market gave an opportunity to enter into a trend move with a risk of 5 points maximum. Shouldn't we grab it?"
I WOULD LIKE YOU ALSO TO RESPOND about your view on my approach of fearing too many DP's and taking them as LOL (Layer on layer, as described by ST.
JUST a wild thought came to my mind that why not willing followers of the ST's blog may make a group on whatsapp, and can post our views and trades on real time basis, for benefit of all of us. suggestions are welcome
shai
vijay k.
DeleteI didnt traded this.. as i was holding long from BRN.. ST Sir preferred to exit at PDL, once he sees price rejecting here.
My thought process is, NF pause here, being strong flip zone now (NF took support 3-4 times here, before broken).. thats way, i placed trial SL at below, low of PDL BO candle.. which is also range low there.
lets say my SL hit here.. i might have attempted long above 7740 with initial SL, just falling into range.. not below PDL..
i expect good long orders once range broken on upside & 2 DP's crossed.. risk is hardly 5-6 points & being friday.. short covering may takes place. conclusion is it is worth to attempt the long trade.
Regarding your thought on whatsapp group.. see, we are all trading discretionary way, each one trade same DP in different way.. having such a group, do more harm than benifits i feel!
Rose Mary,
ReplyDeleteGreat trades...
Why you initiated the BPB OF RL 3rd trade infront of yesterdays close, irl and yesterdays low levels.?
Regards
Bharat
Bharat,
DeleteRight location for that short trade is, below IRL,PDC.. but seeing direct BO of RL failed, i shifted short below earlier low made.. it worked today.. but, shorting below is IRL,PDC is much better entry as you get 3 layer resistance on upside.
What time frame do you use for your trading?
ReplyDelete3 minute charts -- i use iCharts paid service
Delete