Nifty opened near PDL and went below it, IR formed, did not short below IRL as BRN was very close
1). Short on BPB of BRN below 8094, SL at 8104, it did not move as expected, scratched at 8103. -10 points.
2). Long on BPB of PDL at 8123, SL at 8116, TP near EOD at 8137. +14 points.
There was twice BOF of BRN and higher high at 11:09 and higher low at 11:18. What was your thought process to avoid going log above 11:09 bar at 11:24 bar.
ReplyDeleteThen There were more BOF of BRN up to 13:15 and there were many times tst of 8113 at 11:24, 11:30 12:48 and 13:00. Why no long was taken at 13:18 bar.
LVG
DeleteNifty was trading below PDL so my initial bias was bearish and therefore i went short on BPB of BRN but that trade was not successful and that was first indication of BOF of BRN but i was managing my short position and mind take some time to clear and process new information, also there was not much space for the trade to move bcoz FTA(PDL) was very near, so due to all these factors i did not take long there.
After that there was not significant BOF bcoz LOD was not broken so there would not be significant order flow of trapped traders, but there were multiple test of BRN and Nifty was trading in a (narrow) range within a range(between PDL and BRN), so i waited to break the range high(PDL) to take long(to change my bias).
Hope this helps (though my English is too weak).
VKM