Trading for a Living.

[Trading4Living]

Hello

Gap-UP

Longs should not trigger automatically immediately after a Gap Up. Need to give some space to the markets to prove its intention . . .

The Opening range can be used to arrive at a decision . . . .


If already holding short, the trade is already hurting, the gap had put us in -ve territory, now if the gap-up cannot sustain itself, should an additional short be taken?


Holding swing short from yesterday with a stop loss of high on opening range (day high)
1 more lot short at 10300 with same SL (will treat this one as intraday trade)


Thanks




9:30 AM
Scratched the intraday short trade, no momentum/follow-through on downside . . .

Stop for swing trade placed at 10335


Thanks


2:30 PM
on 15 minutes we had 2 big red candles but 10200 seems to be strong support for now . . . SL for swing can be shifted to 10280 . . .

The morning experiment with intraday short did not work as cut it too fast . . . but this is something i need to work on

As the swing trades have a wide SL and seem to be stable (go on for few days) thinking of also trading for intraday but only in the direction of swing trades

Will have to finalize the rules, to start with today can finalize the rules for trading on Days with Gap-Open

Thanks

3:30 PM

Note on Today's PA

Initial Range broken below 10280 . . .
(consider a short trade from here)

From there Adverse Excursion to 10320, of about 40 points
From here Favorable Excursion to 10190, of about 130 points
From there Adverse Excursion to 10280, of about 100 points
From here Favorable Excursion to 10280, again about 100 points
Finally again Adverse Excursion to 10320, of about 140 points

Close just below 10300, sideways with multiple wide swings . . .

Also the weekly close on upper side of the range made in last 7 sessions . . .
we came into this region with a gap down open on 30 Jan,
so far price unable to breach through the resistance give by this wide gap area

Thanks