HAPPY's Trading Dairy

[Happy_Singh]

Hello BW

It depends on your style of trading.

If you want to buy the support then you can try to create your position by putting limit orders near identified support areas,
now the interpretation of these S/R is up to everyone.

My feel was 11600 should get support, Sudarshan Sukhani say support for BNF @ 11300

Anyway I personally would not trade like this.

Lets say for e.g. we have identified 3/4 support areas as 11600 // 11650 // 11700 etc . . .

Now when the price is falling if it crosses below 11650 the upper 11700 levels comes into play for long, any Break-out above it can be taken as entry for long. Similarly if price crosses 11600 before 11700 in that case we can shift the long trade to 11650 . . .

If you notice from my post you have quoted, the price did cross 11890, but did not cross 11930, if it had done that i would have placed a stop sell order with trigger @ 11889/7 that would have been an OK short trade


Happy

 

[jain.er]

Oyee happy Praaaa... Tusi Sud Suk ko follow kar ditaa ?

 

[Happy_Singh]

Oyee happy Praaaa... Tusi Sud Suk ko follow kar ditaa ?

Most of the financial channels and channel-wala's are nothing but a Comedy Circus :lol:

Learn from everyone, few will teach you what to do, but most will teach you what not to do.

Don't follow anyone, make your own path :thumb:



Happy

 

[Bewinner]

Hello BW

It depends on your style of trading.

If you want to buy the support then you can try to create your position by putting limit orders near identified support areas,
now the interpretation of these S/R is up to everyone.

My feel was 11600 should get support, Sudarshan Sukhani say support for BNF @ 11300

Anyway I personally would not trade like this.

Lets say for e.g. we have identified 3/4 support areas as 11600 // 11650 // 11700 etc . . .

Now when the price is falling if it crosses below 11650 the upper 11700 levels comes into play for long, any Break-out above it can be taken as entry for long. Similarly if price crosses 11600 before 11700 in that case we can shift the long trade to 11650 . . .

If you notice from my post you have quoted, the price did cross 11890, but did not cross 11930, if it had done that i would have placed a stop sell order with trigger @ 11889/7 that would have been an OK short trade


Happy

Thank you for your explanation..I asked particularly as BNF closed @ 12711 and it tried but could not break support of 12700...that's why...again a great thank what u said...

But I could not understand bold mentioned part...what does it mean by divide by 7?

could u define when would be ur buy initiated...let's say it break today's low and given a close above 12650...would u initiate a buy above 12700 next day....

let's consider few other scenario...like it broken 12600 also and gave a close above 12650/12700...would u initiate long then?

another scenario would be it open gap up and go up after tomorrows opening...should u initiate buy and at which level then?


oops...too many questions!!!!

sorry if I disturb u or ur thread....I am just trying to understand ur swing analysis...if u can elaborate...


Thanx in advance...

 

[Happy_Singh]

Hello

Long on close of first bar i.e. 9:20

Happy

 

[Happy_Singh]

Hello BW

First of all, discussing about markets always helps both of us so it is never a distraction :thumb:

There are possibly 2 types of entries into a new trade, one like today break-out entry, the trend (in our time frame) is changing and the price moves a significant distance from bottom/top and breaks out over some significant level.

Today gap open above yesterday's high, and then we go long at close of first bar.


Second type of entry that we discussed above is buying at an anticipated support area.

Here suppose we have 3 levels of support Level 01, 02 and 03, one below the other

		\
		 \		
		  \	   /\
		   \	  /  \		  /
		    \	 /    \	         /
		     \	/      \	/C
	Level 01 -----\/--------\------/-----------------------------------
		        A 	 \    /            
				  \  /
	Level 02 ------------------\/---------------------------------------
				      B

	Level 03 --------------------------------------------------------

Bullish out look  as per your system/judgement and 01//02//03 know support zones

Now if the price just touches level 01 and bounces back (A) , we can't really plan an entry here . . .

If the price goes below the level 01 and then visits area near level 02 touches or just breaks it (B) then we can plan an long entry at level 01. (C)

Hope its a bit more clear now


Happy

 

[Happy_Singh]

The long trade is not going anywhere, no scale-ins/scale-outs/not even trailing of stops


Happy

 

[Bewinner]

Hello BW

First of all, discussing about markets always helps both of us so it is never a distraction :thumb:

There are possibly 2 types of entries into a new trade, one like today break-out entry, the trend (in our time frame) is changing and the price moves a significant distance from bottom/top and breaks out over some significant level.

Today gap open above yesterday's high, and then we go long at close of first bar.


Second type of entry that we discussed above is buying at an anticipated support area.

Here suppose we have 3 levels of support Level 01, 02 and 03, one below the other

		\
		 \		
		  \	   /\
		   \	  /  \		  /
		    \	 /    \	         /
		     \	/      \	/C
	Level 01 -----\/--------\------/-----------------------------------
		        A 	 \    /            
				  \  /
	Level 02 ------------------\/---------------------------------------
				      B

	Level 03 --------------------------------------------------------

Bullish out look  as per your system/judgement and 01//02//03 know support zones

Now if the price just touches level 01 and bounces back (A) , we can't really plan an entry here . . .

If the price goes below the level 01 and then visits area near level 02 touches or just breaks it (B) then we can plan an long entry at level 01. (C)

Hope its a bit more clear now


Happy

Hi Happy.

U made me happy...Thanx for ur explanation...but I have questions here 2...I made it bold..I hope it applicable in all TFs

 

[Happy_Singh]

Hi Happy.

U made me happy...Thanx for ur explanation...but I have questions here 2...I made it bold..I hope it applicable in all TFs

yes we have to use our own TF for trading, i will wait for close of first bar.

I am using 10 mins, but for our exchange starting time is 9:15 so close on first 5/10 min bar is same i.e. 10:20


Happy

 

[mastermind007]

Hello BW

....

		\
		 \		
		  \	   /\
		   \	  /  \		  /
		    \	 /    \	         /
		     \	/      \	/C
	Level 01 -----\/--------\------/-----------------------------------
		        A 	 \    /            
				  \  /
	Level 02 ------------------\/---------------------------------------
				      B

	Level 03 --------------------------------------------------------

Bullish out look  as per your system/judgement and 01//02//03 know support zones

Happy

Very interesting !!!! I learnt from one trainer that for one to go long, point A has to be higher than point B.

So, If I saw this pattern and wanted to trade, I'd have shorted little above B. Of course, I am assuming that line segment that ends in point A represents most recent peak.