Trading Challenge II : 300% in 5 months

[SwagatN]

16th Aug - Market structure update
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TATASTEEL - 1m real downtrend, 5m decline lacks strength. So no plan for SHORT as of now..
NIFTY - 1m real trading range - 11437 - 11401. Price tries to test the range high. Moderate selling is seen there, lets see if it is able to break above the opening range
BANKNIFTY - 1m real trading range from 28100 to 27860, A big wide range indeed. Inside pivots are making an uptrend. Lets see if it gives any tradable long through this inside uptrend. But 5m rally seems to be loosing strength

 

[SwagatN]

16 Aug 2018 - NIFTY Trade Analysis

NFITY 5m chart started a real trading range after the initial gap down, but price started absorbing the supply and started rising. Bulls were seen to be exhausted near 11450/460 zone. Price was making all inside swing points, and I looked for SHORT only after a clear hand of selling was seen around 12:30 PM. The next pullback was my short trade setup.

On 1m chart price was forming real ranges and then breaking it on bottom to create another range. Before 12:30 there was a small real downtrend and the pullback from 5m gave another real range on 1m chart.

Here I could not figure out on how to time my SHORT entry inside the range, but from 5m chart that pullback has to be the entry point. Amid this confusion I decided not to take risk and let go of this trade. After 1:15 there is another complex correction seen post the breakout from range, but that was much delayed and I did not want to chase the price.

Another factor was that till now whatever data I have back-tested I have not traded much during inside swing points. SO there was a little lack of confidence as well..

It turned out to be a good 2R trade and with a 10 points risk, I should have gone with 3 lots max.
Anyway its either earning or learning, and both are welcome..

>>> NEVER GIVE UP <<<

 

[SwagatN]

16 AUG 2016 - BANKNIFTY trade analysis

A gap down, and 5m real UT got violated. But strong buying was seen right after the entry and price started climbing. Then all the swing points are inside swings making a real trading range from PDH to today's opening low. All the buying got exhausted near RSL near 28040 and the inside swings were making a narrowing pattern. Price broke from this pattern giving 1st SHORT opportunity for the day.

In real time I failed to notice the pattern and could not capitalised on the trade. Again its due to lack of practice on range session.

Here 1m was also showing a real range with all inside swing. Now the question is even if I would have noticed the pattern from 5m If I would have taken this trade on 1m ?? Cause till now whatever days I have tested I have never seen a day where both 5m and 1m are in trading range. Basically 5m stays in range and 1m gives some kind of real trend..

Anyways everyday is a day to learn something new.. Looking forward to tomorrow.

>>> NEVER GIVE UP <<<

 

[SwagatN]

16 Aug 2016 - TATASTEEL Trade Analysis

TATASTEEL too gaped down and formed a real trading range making all inside swings. Unlike NIFTY and BANKNIFTY it did not form any high probable trade opportunity inside the range. No Trade here.

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Summary
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I managed to track all 3 without loosing focus. Most importantly I have not done any mistakes in trade selection and lost precious money unnecessarily. Trading NIFTY and BANKNIFTY inside that real trading range was tricky., Got some good insights. I hope I will use them well in future. Looking forward to tomorrow.

>>> NEVER GIVE UP <<<

 

[SwagatN]

17 Aug 2018 - Market Structure Analysis

TATASTEEL - 5m is range bound, range 583 - 564. INside swings are making an inside downtrend, Buying were seen near 568 and 566 as price approached the range low, but sellers are also not willing to give up.

NIFTY - Price breaks below the real range of 11480 - 11400, but closed back inside the range. Strong buying was seen below 11400. No clear trend has been established yet.

BANKNIFTY - Just like NIFTY, BANKNIFTY too breaks below the range low near 27880 and closed above it. Strong buying was seen below 27880. Need to see if this buying sustains and start a real uptrend..

 

[SwagatN]

After a strong opening, both NFITY and BANKNIFTY are facing resistance near previous day high and 2 day high.. This selling needs to get absorbed for any meaningful uptrend to start, else, bears might hammer again in later stage of the day.

 

[SwagatN]

BANKNIFTY breaking past the morning resistance and above 2day high. Some moderate selling is still being seen there, lets see if that supply can be absorbed.

NIFTY too has gone abvoe 2 day high but weakness sustains on 5m real UT. Need some healthy correction there

TATASTEEL testing the resistance near real range high of 584/85..

 

[SwagatN]

Seems like I missed the long on banknifty at 28110, got lil delayed in punching order.. Price went off with out a fill

 

[SwagatN]

No trades were done in Friday.. For last 3 days was down with health issues.. Will resume trading from tomorrow

 

[SwagatN]

Date : 21st Aug 2018

TATASTEEL : Price has turned volatile as it approached its major resistance level around 600. It looks like buyers are not willing to give up, but sellers are seen too., Need to be careful today if price oscillates around this level.

NIFTY : The uptrend in 5m was loosing momentum but bulls gave a last min push to close above 11580. Need to see if this buying sustains there.

BANKNIFTY : Price is near a major resistance zone of 28350 - 28400. Strong selling was seen there, but buyers are still holding the market.. Need to see if this buying can absorb all the supply coming near this zone.