Here is the link of image of Crude Oil Mini on 24/08/2016. https://postimg.org/image/xgcgsup97/ef18403f/ I have marked the ranges. I took around 15.19 hrs a long trade @3158 (vertical blue line)on seeing that it took support on first range high. Below that there were two more ranges which gave me the confidence. But it broke all the ranges and went down. It hit my stop loss. Whether the place where I have taken the long is wrong ? Where should have been the long trade be taken ? What mistake I have done ? Pls explain.
I am surprised why you consider these 4-5 points narrow ranges to trade.. i believe scalpers can trade like this.. i am not sure how to rpely to your question, as my way of trading is completely different.
I consider price in buy zone if trades above PDH and look to enter longs, reverse for PDL.. and if in between i look to short at RH, long at RL.. confluence of DP with range extrems is much better. You may look elaborated info here http://onlyniftyy.blogspot.de/2016/08/daily-trading-plan.html
Also as told by URD, we can trade nifty in morning and look at crude after 5PM.. i see this is very much valid.. 90% of times crude stay in narrow range till 5PM
Coming to your trade, if i were you.. i would have look for BOF of PDL as it coincide with earlier RL or flip. (considering 3150-58 as range)
On 26/08/2016, even my long hit the stop loss because of volatility One query- after it bounced back and crossed 3190 why you have not taken the long trade again though I have also not taken? Is it not a correct place to take again when the price refused to go down and bounced back. Pls explain.
After news, price spiked above PDH in vertical fashion and fall down.. which is not tradable for me. Either i wait for price to test PDH again or wait for range formation and look to enter long as BOF of RL or BPB of RH.. safe entries as price is in buy zone.
Price has given nice r:r trade at 21:45... i have closed my lap already, seeing volatility :)
Hi Rose , I am newbee and trying to learn ABC of DP trading. Planing to open ZERODHA . In zerodha calculator F&O - Futures . I put BUY 8000 SELL 8010 and quantity 75 (1 Lot ) . Point to breaekven showing 9.04 points . I am confused . I will appreciate your help regarding this . Am i Doing anything wrong in zerodha calculator . I just wanna start with one lot .
In zerodha, suppose you buy one lot at 8700 and sold at 8710.. excluding brokerage yournet profit would be 8.06. i.e. 1.94 would go for brokerage cost irrespective of your trade outcome.. so to go break even.. means no profit no loss.. you need to earn at least 1.94 in each trade.
Hi Rose
ReplyDeleteHere is the link of image of Crude Oil Mini on 24/08/2016. https://postimg.org/image/xgcgsup97/ef18403f/
I have marked the ranges. I took around 15.19 hrs a long trade @3158 (vertical blue line)on seeing that it took support on first range high. Below that there were two more ranges which gave me the confidence. But it broke all the ranges and went down. It hit my stop loss. Whether the place where I have taken the long is wrong ? Where should have been the long trade be taken ? What mistake I have done ? Pls explain.
Thanks & Regards,
Veer
Veer,
DeleteI am surprised why you consider these 4-5 points narrow ranges to trade.. i believe scalpers can trade like this.. i am not sure how to rpely to your question, as my way of trading is completely different.
I consider price in buy zone if trades above PDH and look to enter longs, reverse for PDL.. and if in between i look to short at RH, long at RL.. confluence of DP with range extrems is much better.
You may look elaborated info here http://onlyniftyy.blogspot.de/2016/08/daily-trading-plan.html
Also as told by URD, we can trade nifty in morning and look at crude after 5PM.. i see this is very much valid.. 90% of times crude stay in narrow range till 5PM
Coming to your trade, if i were you.. i would have look for BOF of PDL as it coincide with earlier RL or flip. (considering 3150-58 as range)
Hi Rose,
ReplyDeleteOn 26/08/2016, even my long hit the stop loss because of volatility One query- after it bounced back and crossed 3190 why you have not taken the long trade again though I have also not taken? Is it not a correct place to take again when the price refused to go down and bounced back. Pls explain.
Regards,
Veer
Veer,
DeleteAfter news, price spiked above PDH in vertical fashion and fall down.. which is not tradable for me.
Either i wait for price to test PDH again or wait for range formation and look to enter long as BOF of RL or BPB of RH.. safe entries as price is in buy zone.
Price has given nice r:r trade at 21:45... i have closed my lap already, seeing volatility :)
Thanks Rose
ReplyDeleteRegards,
Veer
Hi Rose , I am newbee and trying to learn ABC of DP trading. Planing to open ZERODHA . In zerodha calculator F&O - Futures . I put BUY 8000 SELL 8010 and quantity 75 (1 Lot ) . Point to breaekven showing 9.04 points . I am confused . I will appreciate your help regarding this . Am i Doing anything wrong in zerodha calculator . I just wanna start with one lot .
ReplyDeleteRavi Shankar,
DeleteIn zerodha, suppose you buy one lot at 8700 and sold at 8710.. excluding brokerage yournet profit would be 8.06. i.e. 1.94 would go for brokerage cost irrespective of your trade outcome.. so to go break even.. means no profit no loss.. you need to earn at least 1.94 in each trade.
Hope i am clear.
Thanks rose, I was in same impression as u said. There is some bug in site . When I check again after some hours. It was showing fine.
ReplyDelete