Market Commentary:
9:50 AM - NF opened near to PDC. IR (10214-10188) formed. BRN (10200) and PDC (10196) with in IR.
9:56 AM - NF struggling to cross PDH, FTC short possible.. But BRN and PDC just away.. Not worth of risk. Will wait for BO to happen above PDH first, next look to enter either BPB of PDH or BOF PDH short.. Bias is upside as of now. Unless strong rejection at PDH, long is preferable trade signal.
10:11 AM - Expecting good short covering once NF crosses 10227 level, which is pin bar high on friday and acted as flip earlier (seeing left side chart)
10:13 AM - Trade 1 : BPB of PDH long at 10224 with Initial SL 10213, FTA RN 26 points away
10:26 AM - As expected above 10227 NF Spiked up, but no fresh buying. Gave a deep pull back
10:27 AM - Moved SL to 10222, near to cost price.. As NF not moving as expected.
10:43 AM - Moved SL to 10226, to cost. BN not supporting move.
10:47 AM - Exited at cost
11:25 AM - 10:12 candle acted as master candle and seems price forming range… 10238-10218. Next potential trade signal BOF of PDH short (Or) watch PA if price reach 10338 (RH) / 10444 (DH)
11:52 AM - Placed BOF PDH short order (half quantity) and cancelled once price back into upper range
11:55 AM - BOF of PDH signal, but i am not confident if any shorts get trapped here as price slowly drifted down with orderly pullbacks. Generally we can expect shorts trapped after sharp selling and hitting prominent support level. Will wait for PA at DH/DL.
13:56 PM - NF broke DL, 2 pin bars showing bullish pressure.. But PDC and BRN just above.. Not having confidence this trade will work. Passing it. Removed BRN and PDC from chart, as they are not acting as DP’s
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