Market Commentary:
9:37 AM : Counter Trend Outside Gap down below PDL… Good buying in 1st Bar indicating bullishness.. But price rejected from PDL. IR formed (10232-10203) .. People who shorted in 1st failure at PDL would have their SL’s above IRH.. long here is safe as SL is have IRH and PDL support.. On contrary, another failed attempt to concur PDL invite fresh shorts… Lets see
10:15 AM : Considering IRL as 10215.. Ignoring tail in 1st candle… BPB of IRL is good short attempt. Bias down, price unable to cross PDL again, BN weak, FTA 12 points away
10:30 AM : No good BPB short entry happened, also price reversed back into IR now.. Will wait for PA at PDL or DL/BRN now… bias is down as long as price not sustaining above PDL/DH
11:57 AM : Price broke DL and BRN.. placed BPB short order which not triggered. Price moved above BRN giving BOF pattern later.. Waited for swing high formation. Swing high formed 10 points above BRN, FTA 10020 10 points away.. not a good R:R.. that too contra trade while BN is bleeding.Will wait for pull back till BRN for any better signal
12:25 PM : Trade 1 - BOF of BRN long at 10206 with Initial SL 10098, FTA 10220 14 points away
13:06 PM : Trade 2 - BPB of PDL long at 10235 with Initial SL 10024, FTA PDC is 20 points away
13:15 PM : Average price is 10020, SL placed at 10024
13:43 PM : Moved SL to 10027
13:50 PM : Moved SL to 10034, as some selling pressure after crossing DH
13:58 PM : Moved SL to 10036, below recent swing low
14:12 PM : Exited with gain of 28 points
14:20 PM : No plans to trade now.. BN expiry may take nifty also for a volatile ride. Closing the day.
