COMPARING FRIDAY'S STATEMENT WITH TODAY'S REAL MOVE.
1. In 2nd point of last post , I mentioned that I am excpecting a pull back trade which can go to green dotted line. That line is now converted into green dotted zone. I also mentioned that this will take time to go near pullback target . Also mentioned range bound trade . You can see market opened gap up and stayed up side nearly 4 hrs. After that, small slide to down side and recovered in last 15 mins. Almost same trade as depicted on friday. Price did not reach at pull back target and trade was range bound. Every day you all see how this skill can manifest a trade before it happens.
2. Today i gave an update around 1.30 when some of my followers were either confused or changing sentiments when bnf started to decline. In first update i mentioned that every decline is not change of sentiments. There was a point where I was expecting to stop decline , therefore , I took long after wait of almost whole day. Though i knew the last point of change of structure for long. This trade didnot work price started to move down. Though that structure changing point was 100 pts away but I did not stop myself to book position sl in only trade of day . Because I never convert my trade into hope. It is always to accept you are wrong and exit from trade. This sort of incidence I share with struggling traders sothat they should know , having manifest a move before it happens I also fall trap of bad timing. The main thing is that i know how to protect my capital and struggling traders do not know. So learn from my experince. See a good quote on this psychology is available on my twitter handle @yvatsji. In second update I mentioned That level 17350 is crossed then trend will change . You can see It breached but recovered instantly. That is the power of this art . Even I knew it still I booked position sl. Just to safe my capital. As stock market is game of probability nothing is sure shot.
3. Many of the followers are asking next book to read . I want to tell everyone that do not read book like story book . Then all Gyan will be vanished on that attitude. It will be waste of time. Until you grab the concept and practice several hrs to see that patterns on chart and matching psychology with trend. It takes times . So decide youself do you want to get this skill or let keep into books. Practice of several hrs is must.
Trading plan of next day.
1. See I mentioned a pull back that has already done. Even gave respect to that level which on decline that I shared with you. Hope All followers would get it in time. Therefore , I expect it to continue with the target of now green dotted zone which was in previous post, a green dotted line. There is condition with this . As dow is almost 500 pts up So if it remains up then long will go. Otherwise see in fig. I made a red dotted channel where price is stuck and seems to be taking resistance marked in green circle. If dow sustain its gain then only gap up open can trurn this resistance into up trend move. otherwise market can change up trend to down trend. Why i was in evening confused to manifest this move because since last week I was bearish on dow and dow did not even breach a srtuctural point whole week. Today with gap up opening It broke. And I am not satisfied by dow move. And same sort of situation in bnf chart.
2. I marked two pink circle See carefully 27 bar moving average is acting like a good resistance and our price is under this average . That is one of the reasons if dow do not sustain then down move. I tried to show you the real picture of bnf . Rest market will decide.
I am sitting out today, as I dont know what to do! Because somewhere I might have missed the entire understanding.
vaibhava135
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Sir, it was good trade, but i got stuck in between. I carried forward Long position at 17500, and I booked half of it at the first green line, the 2nd half at when BNF was crossing 2nd green line. When BNF reached Blueline I thought selling pressure will start and shorted @18300; but, it took off from there and triggered my SL. I waited patiently till BNF started crossing 18850, where I started seeing reversal signs and shorted again, and could catch 350+ points quickly. Almost achieved this weeks target :-)
I think I was lucky to survive this due to my SL and market left me by giving a warning :-)
yvatsji
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@vaibhava135, First two trades were good no regrets but shorting both were bunder when this sort of momentum is going on. luckyly you got pr in short trade . I personally do not do this . as you have already plus. that i call greed.
arvind6261
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i think profit booking for today started
minibufett
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@arvind6261, So once it crossed 18200 i used that as sl and entered the trade and also entered in NF booked very good profits all thnaks to sir. See sometimes we may not have clarity and sometimes we may have a fear of making a mistake, whihch i had today. and it is good to be afraid. can you believe what ever profit was generated was only via 1-1 lot each and this fear also helps conserving capital, in hindisght. also what i have observed is that in case one is following sir, then you also have to remember what he mentions in his past posts because they stand relevant in the future till the trend does not change and i am very thankful to you because you are such an earnest man. thank you as well.
Ps. I gave up today and i thought to myself that i will comeback tomorow after sir shares his views on the day today. but sir's blessings are immense and thanks to you and him as well because i remember he asked to find a buy structure. so alas. all is well that ends well. cheers.
arvind6261
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@minibufett, thanks will wait for sir ji,s comment. i had also NF and BNF trade with good profit because i try to understand and fallow what he says.