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Friday, 4 July 2014

04072014






Nifty opened above PDC and pulled back, IR formed.Traded into tight range for some time and broke down
1). Short on BPB of IRL/PDC, entered below PDL at 7729, SL above 7739, TP around 7695. +34 points.
2). Long on BOF of BRN at 7710, SL below 7700, TP at EOD. +80 points.

Posted by at

7 comments:

  1. AJuly 04, 2014 8:24 pm

    Hi VKM,
    How do you scratch a trade? Are you follow any method?

    Thanks
    Arun

    ReplyDelete
    Replies
    1. VKMJuly 04, 2014 9:52 pm

      Arun

      If i feel trade is not moving as expected or market starts ranging or price falls back into range from which it broke out
      then i exit at market price.There is not any definite method, its all about market sense.Many times we regret after scratch watching market going in our direction without us.

      VKM

      Delete
  2. UnknownJuly 05, 2014 12:17 am

    Is it better for a novice trader to avoid scratching and keep the SL till it hit? I think scratching is a concept thats better be used by experienced guys like VKM/ST/RM. May be wait till the mind gets 'automaticity'. As a novice guy, I destroyed many good trades by trying to 'outsmart' by scratching and the regrets leads to miss the following good opportunities. Some 'pills' are injurious for the health of novice traders. Keep them in pocket till get a 'muscle of steel' :).

    -------
    Mathew

    ReplyDelete
    Replies
    1. VKMJuly 05, 2014 5:38 pm

      Yes, if we can not reenter quickly as opportunity comes after scratching, then it is better to keep the original SL.
      But if trade has moved some distance in our favour and then some pivot low or range low cracks,then it is better to scratch to protect our capital.
      As ST says, exit is something that we can not perfect. But exit is the thing that make us Profitable trader, Breakeven trader or Losing trader.

      VKM

      Delete
  3. vikramJuly 10, 2014 4:42 pm

    Hi VKM, We have missed your recent posts.. Please update...

    ReplyDelete
    Replies
    1. VKMJuly 23, 2014 4:11 pm

      I was out of station from last two weeks, will start trading from tomorrow.

      VKM

      Delete
    2. SMART TraderJuly 23, 2014 4:53 pm

      I was also wondering why silence
      I do check your blog regularly . You are trading the method well
      All the Best

      ST

      Delete

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