Nifty opened with gap above previous day afternoon range(start of new series,some premium factor also) and went upto PDH but failed to cross, previous trend was down
1). Short on BOF of IRH,it bounced up from RN but failed,TP near IRL.+10 points.
2). Short on BPB of IRL, TP when second attempt to go below the then LOD failed. +11 points.
3). Short on BOF of range high, entered below RN, TP near RL. +7 points.
if you show your SL movement, it shall be helpful. -Vikram
ReplyDeleteVikram
ReplyDeleteNormally i allow first pulback after entry and then trail SL on pivots, flips and DPs.
First trade, initial SL at entry bar high at 7565, then pivot high at 7564, then IRH at 7560,then bullish bar high at 7552, then 7546 exit.
Second trade, initial SL above IRL at 7543, then pivot high at 7537, then pivot high at 7528, then 7523 exit.
Third trade, initial SL above range high at 7560, then pivot high at 7556, then pivot high at 7549, then 14:57 candle high 7542 exit.
VKM
Actually, I also took your 3rd trade by going short at 7548 but got stopped out at 7552. Tried again at 7548 but got stopped out at 7554. The right SL was at 7560 but I was not willing to give 12 points SL.
DeleteAlso, I traded your second trade, but I had kept short SLlimit at 7534 as the DL was 7534.25 as per terminal, but then the market down went fast and I could not get fill. Do you keep take into account the terminal figures into account while trading or do you trade just based on chart levels?
Vikram
DeleteSL should be at some logical point.For smaller risk SL should not be near to our entry but our entry should be near to SL.If risk is more than tolerance level then better to skip the trade.
Yes it happens sometimes when market went fast, price jumps our SL-L order especially if the difference between trigger and limit price is very small.I put my order below 11:48 bar low, 7534.60 as trigger and 7534.10 as limit price.I trade according to chart.
VKM
Your third trade's initial SL is 7560. How do you put the Stop-loss limit order? Whats the trigger price ?
ReplyDelete-------
Mathew
Mathew
DeleteI keep the difference of 0.50 point between trigger and limit price.In that trade trigger was 7560 and limit was 7560.50
VKM
This comment has been removed by the author.
DeleteThanks VKM!
Delete----------
Mathew