Trade1: (9:32 candle)
Long at 7531, above IRH.. with initial SL 7528
SL hit; exited trade with loss of 5 points
Trade2: (11:53 candle)
Short at 7495, as BPB of BRN.. with initial SL 7505
Moved SL to 7502, as new low made
MOved SL to 7496, above pull back high
Moved SL to 7493, break even
Moved SL to 7485, above PDC
Trail SL hit; exited trade with gain of 8 points
Trade3: (13:41 candle)
Long at 7503, after BOF of PDC.. with initial SL 7493
Moved SL to 7498, below BRN
Trail SL hit; exited trade with loss of 7 points
Trade4: (14:26 candle)
Long at 7505, as BPB of BRN.. with initial SL 7498
Moved SL to 7507; break even
Moved SL to 7516, below lows of IRH BO candle
Trail SL hit; exited trade with gain of 9 points
Points earned : +5
Fourth trade - I think we have to put stop widely......because trend is already clear...So chances are high to go up...Any thought on it ? Or better stick on rule ??
ReplyDeleteLucky,
ReplyDeleteI placed trial SL below low of IRH BO candle.. also 1st pull back didn't trigger.. i though this will hold for further highs.. but it didn't.. thats ok. just bad luck :)
I dont mind to pass these kind of choppy days, as long as we ride TRENDING days
Hi RM,
ReplyDeleteJust my thought, if we have a mindset to trail always, we mite miss out some good profits.. but at the same time its getting difficult to judge if that particular move will be a trend move or just a spike.. my trades Here
GK,
ReplyDeleteAgree with you.. IMHO, i have no separate rules for trial SL for trending markets or range markets.. all my trades follow similar process as below.
1. Initiate trade with max 10 point initial SL
2. Once moved atleast 10 point away, move SL to break even or behind any nearer DP
3. If any Pull back move comes.. move SL to pull back high/low
4. Once back in your direction.. move SL behind DP's.. this includes flips, important NS levels also some times,
I am comfortable, by letting market to decide.. how much to GIVE me, or Take Back :)
What total small moves you missed in choppy markets,, will be covered in one single trending move!
EOD, its all about tactics.. which differed from person t person.. as ST sir used to say.
RM,
DeleteGreat.. when such choppy moves comes, its getting difficult to sit by :P.. anyways lots of learning.. thanks once again!!
GK
how to know the current bias and wat r the signals of bias changing and how to know that the bias has changed?
ReplyDeleteCM,
ReplyDeleteTake today chart as an example.
DO is above PDC.. IR formed above PDC -- Positive Bias
IRL broken.. BOF happened at PDH, also BRN.. -- Positive Bias
One can trade low risk long here.. as bias is positive & of course we saw BOF pattern
Rally close to HOD.. trial SL helped to exit long
Fall till PDC.. TST of PDC.. & later prolonged range move.. one may attempt to buy RL around PDH (or BRN) with small SL.. i avoided how ever, as i am not comfortable
BO happened after TRAP pattern & 2:45... short covering possible.. direct BO can be attempted,, it worked well.
See.. my point is.. look at IR formation close.. if it formed above PDC/PDH.. positive bias..
also if NF respcted DP's like PDH/PDC & forming range.. treat it with positive bias.. look to buy RL or trade BO of RH.. specially if it comes after a TRAP or after 2:30