Question | Answer | Remarks |
Day Trend | Bearish | Bullish or Bearish or Sideways |
Initial Bias | Bullish | Bullish, If DO is above yesterday closing range & nifty formed IR above yesterday close range.. viceversa for bearish |
Check if any DP's at/around IR | Yes | If yes, trade DP's |
Which pattern you are going trade? | BOF of BRN | BO, BOF, BPB, TST, FTC |
Check space for trade | Yes | atleast 10 points to move for the trade, i.e. FTA 10 points away |
Is Critical Mass favouring your trade? | Yes | How day traders are positioned? Are they in profit? When they are going to book profits? Where they will panic? Who is in control of the Market? |
Is Order Flow favours your trade? | Yes | Where are the orders? Where other traders will keep their stops? Where we should enter to ride these orders? |
Are you risking more than 10 points? | No | Initial SL should not be more than 10 points |
Note:
After trade initiated, manage it by hiding SL behind DP's, Swing high/low, Flip Zones. |
Wednesday, July 2, 2014
Check List -- Before Initiating Trade
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