COMPARING MY YESTERDAY STATEMENTS WITH REAL MOVE IN TODAY'S TRADING.
1. In last statement point no. 3 of trading plan column quoting for your consideration " bnf has to continue down trend then red upper zone should be intact. on other side if market takes support between two blue area then chances of structure change to up side will prevail." Now see today's trading price opened gap down took support of fist blue line and three hrs remained range bound then in last two hours touched red dotted line. Now here my highlighted point comes into play. In between two blue lines then chances to go up side intact. But price did not come between these two lines, rather took support and made range between red dotted line and blue line. Here It changed its structure which is purely dependent of bnf opening . If on next trading session bnf opens gap up then market choose to go into extension of long intermediate trend started from 17200. 2. On the other side if market gaps down and do not breach red dotted line then chances of going down will increase. For down trend confirmation price should take out blue first support. Remember taken out not breached. There is difference between taken out and breached ,new followers for your understanding I will attach the post that will clear this condition. As stock market is based on probability so condition should always be in mind of every trader. 3. I showed two arrows one green and second red . let us discuss both. If red dotted is breached by gap up opening or while trading then all shorts to be booked. Time your trade in long side. After beaching if price immediately come back under dotted line this time it will be assumed broken and find set up to trade in long side. Where as red arrow condition is different If price takes out blue line down side then shorts can be open only then this long trend will become deep retracement . Right now consider with today price action long trend. 4. If red dotted line is crossed upside then zone two will be target. For candle stick readers see I circled a hammer candle at support it was activated only when next candle closed above the high of hammer. only then chances of working this candles starts. See after that price moved up side. Any candle stick works near support or resistance when get activated. Other then support resistance or support very less chances of working. 5. structure is direction less all depends upon next trading session opening. Extensions in trend convert many trades into hope trades. so when your are wrong accept it and book loss in that trade rather to convert into hope trade. I see many new traders buy on resistance and sell on support this is suicidal act ,make it reverse while you take any position. This is basic principle of trading . Never ever forget my conditions while trading. This could be fatal to you in form of capital. When I mark my study on chart follow it . At least my study will work as dos and donts in trading. It is like a track where you have to drive your trading vehicle by time your trade. Rest market will decide.
YOGESH VATS
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Hi, traders, With today's gap up openings Thai we can see in sgx nifty, the condition of upside breaks flows. That is bnf going into extension structure. So those shorts should not overlook this fact. And do not convert short trades if done into hope trade, book his/her shorts. And see price action in zone first and second where this extension is expected to finish. So basically long positional can not be open. Only intraday can be opened if risk reward is suitable. Otherwise posional short will be good strategy only when this extension gets over with sell setup. So update your trades with this fact.
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Hi followers, In morning I updated to get out of shorts if any body is carrying shorts.that time structure was in long side. In fact today gap up and later sustained for total 4 hr was trap by bears. That I will discuss in evening post. For now trend which I was expecting to change on Friday structural point is chaged to down. Pl clears all your longs. And tine your trade in down side. Cheers.
All gap up, Gap down and neutral conditions for Monday explained brilliantly. many traders including me traded today on hope as world markets were falling this overlooked identifying basic characteristics of candlestick pattern and had a loss. in fact not even a single candle was bearish and closed below prev one, still looking for shorts. we must be remain neutral, whatever will happen it will be on charts.
thanks a lot for explanations i did mistake. will try to remain neutral every day.
yvatsji
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@arvind6261, see never ever fill your psychology with hope see your chart what information is provided act accordingly. One more thing you shared you trade which I can say your trading style is good for trending day with traling sl as you are intraday trader. But when price move in range by showing you trend then this trailing sl is not good. Try to figure out this in your trading style as maket gives only 30 % of trend otherwise 70 % range bound.
hi. Good.
I started following you, just on that day i shorted BNF futures at 18400. Just waiting for opportunity now. Dint expect such a big move.
yvatsji
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@Zaara20, See In this post I clearly mentiones for today move depends on opening. Mentioned all conditions to follow. Even gave update of trade in morning at 7.30 am see your mail for this, shorts positions you must have cleared in morning. Right now no structural change in upside . so i clearly mentioned do not convert your shorts in hope trade. Trading is langauge of probability which works on conditions . If you will not follow then consequenses will be hard. In my experience I i get stuked any point of time i never ever convert my trade into hope. Lest next candle chamges stucture of move. I clear my position immediately. may be after structure change in just 1 hr i again go in same position
yvatsji
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@Zaara20, Have you cleared your position ? or holding
Zaara20
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I am holding now. I have shorted at BNF futures at 18400 almost on 27. since then its up. Currently @19857. as continuous rally will go down at some point or near.
yvatsji
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@Zaara20, have you got my second update. Check your mail box. Prerhaps that will provide some solace.
thanks a lot for explanations i did mistake. will try to remain neutral every day.