06 - Jul - 2017 (+21)

Market Commentary

9:24 AM: NF struggling to cross PDH and moving back and forth around PDC, DL is the resistance price broke during closing time yesterday.

9:35 AM: Trade 1 – BPB of PDH long at 9654 with Initial SL 9645, FTA BRN 46 point away.

<< Thought Process behind this trade “Trend – Bullish, Bias – Upside as price broke PDH, Good Location, BPB is confirmed setup, risk is under 10 points, FTA far away, prices broke after 2 days of consolidation” >>

9:40 AM: Moved SL to 9648, below PDH

9:52 AM: Moved SL to 9654, near to cost. Rom Now I look to hide SL behind swing points, 

expecting price to move up with orderly pullbacks.

10:06 AM: Moved SL to 9656, break even. No much momentum so far

10:24 AM: Moved SL to 9660, as price broke DH

11:09 AM: Moved SL to 9669, below recent swing low

11:45 AM: Drawn range 9683-70, let’s see if BOF of RL signal comes… giving re-entry chance if SL hit. If sharp fall below MSP/RL, I will be out of profiting trade. else I will look to take long trade on BOF signal

12:21 PM: Recent Impulsive wave turned out to be range, indicating bulls losing strength. A counter trend short is not a bad idea if BOF of DH comes, but I will stick to existing position.

12:32 PM: Moved SL to 9677, below low made before breaking RH/DH

12:47 PM: Exited with gain of 21 points

13:51 PM: Waited for BOF of RL signal, which not happened so far.

14:10 PM: Missed to place BPB of DH long order on time, let’s see PA at BRN

15:00 PM: Looks like BOF of BRN signal coming, but I am avoiding new positions at this point of time. Done for today.

Points earned:  +21