[09:24] Day trend DOWN; NF opened at PDL; unable to move further and broke structural support (picked from hour chart) 7869
[09:45] Waited for BOF of Structural Support signal; no PB happened, price zoomed above PDL and BRN ; now will wait for some range formation
[10:39] BOF of PDL long signal; avoiding as BRN just few points away and also expecting range move as yesterday was good trend day
[12:45] Removed BRN and PDL as DP's, price moved back and forth
[12:51] Drawn range 7933-7874; will look to short failed attempts to break RL
[14:42] Couple of TST to RL and reversal so far
[14:53] Price strongly rejected from 7869 couple of times, which is nothing about our SS which i ignored after range formation. However i observed good trade opportunities comes when SS coincide with range extremes, just like how our DP's work.
[15:12] Price broke into upper range with force, no time for fresh trade even if sell off happen from here. So, Done for Today
Net: 0
Very good patience.
ReplyDeleteReason to avoid BPB of PDL? fourth candle.
AKS
A K S,
DeleteThese days, in addition to DP's I am plotting support/resistance levels from hour chart.. which are nothing but recent pivot low and recent pivot high.
Also I observed 70% of times these are matching with PDH/PDL... also they are offering supply demand imbalance.
Today, I found support at 7969, which is near to BPB short entry.. so I expected it might not break directly, so avoided entering short. Later tried took long as BOF of SS, but entry not triggered.
Hi Rose,
ReplyDeleteI feel if we focus on identifying ranges properly then trading becomes easy.
2 Ranges today. 7880 - 7860 and 7934 - 7880.
Now can you spot the weakness in upper range and PP setup setting up ?
https://kite.zerodha.com/share/M58VOAIKGQ.png
Shashank,
DeleteI tried to trade short after price broke the range, which you seen as PP trade.
Perceptions differ :)
@ Rose and Xrtrader
ReplyDeleteI am just 5 months old for DP, some times i break rules and took trades at wrong location.
Any tips to control my emotions/revange trade.
Sometimes i took trades unconsciously, any tips to take trades consciously.
AKS
A K S,
DeleteI would strongly to suggest you to prepare a Daily Trading Plan which covers how you define day trend, intra trend, identifying potential move with in structure you deifned, identify locations to initiate trade in your expected direction, look for entry with less risk.. This is only the way to keep you away from noise and pull trigger on right time.
Believe it or not, my screen last no more than 30 mins unless market stay in overlapping ranges.. like today.