Rose, Happy that you are back and started trading again.
I have one doubt regarding the use of BRN in commodity. According to my belief, BRN is used in nifty since it is option strike price and a close above it or below it triggers some order flow and hence BRN is widely watched. But in commodity, options are not yet introduced. So nobody is even noticing BRN. This is strictly based on my belief only.
I also has same doubt initially, but after watching some back data i found BRN relevant and we can see price witness some imbalance between buyers and sellers. Todays chart is one of the example.
Rose, I thought it in the logical way. And I think URD also put forward the same thing in one of his recent post. Anyway I am not a dp trader and I don't really know the exact fact. :).
I have started a facebook page(only on 1st of this month) for uploading my daily trade logs and observations in Crude. Please have a look. https://www.facebook.com/commonmanapatrader
Short entry triggered at 2722, Initial SL at 2735... Include brokerage risk is 15 points FTA is BRN which is 2 points away.. if price reverses swiftly from BRN, i would have moved SL to high of BO candle
Rose,
ReplyDeleteHappy that you are back and started trading again.
I have one doubt regarding the use of BRN in commodity. According to my belief, BRN is used in nifty since it is option strike price and a close above it or below it triggers some order flow and hence BRN is widely watched. But in commodity, options are not yet introduced. So nobody is even noticing BRN. This is strictly based on my belief only.
Thank you,
Dinil
Dinil,
DeleteI also has same doubt initially, but after watching some back data i found BRN relevant and we can see price witness some imbalance between buyers and sellers. Todays chart is one of the example.
Rose,
DeleteI thought it in the logical way. And I think URD also put forward the same thing in one of his recent post. Anyway I am not a dp trader and I don't really know the exact fact. :).
I have started a facebook page(only on 1st of this month) for uploading my daily trade logs and observations in Crude. Please have a look.
https://www.facebook.com/commonmanapatrader
Regards,
Dinil
Dinil,
DeleteSo far i have no issue with BRN as DP, once i realize i am wrong will discard it.
Thanks for sharing your FB pag, but i am not part of FB :)
Could you pls tell me where you had placed the stop loss ? What is the exact number of stop loss you placed.
ReplyDeleteRegards,
Veer
Veer,
DeleteShort entry triggered at 2722, Initial SL at 2735... Include brokerage risk is 15 points
FTA is BRN which is 2 points away.. if price reverses swiftly from BRN, i would have moved SL to high of BO candle