1 trade
Didnt find any trade on open aligned with Nifty Anti ( 2nd CT leg).
Later took, PB Short HDFCBANK. The PB leg was a bit strong, but took entry looking at LTF climax/exhaustion and NiftyBank looked good for shorts. Nifty too was consolidating at lows. Entry ( channel FT on close) was a bit further than bar close and got some slippage too. Price moved ok but reversed taking TSL
A lot of my trades are returning from 0.6/0.7x without hitting T1. The purpose of T1 is to improve consistency and it needs to have higher hit rate. Taking better trades with time will hopefully help but I will also consider using slightly tighter stops and when possible work on slightly earlier entries with less confirmation. Combined, this can reduce target distance a lot and perhaps improve expectancy. This will also increase chance of loss and chance of bigger losses. Stop will still be kept reasonably away from pattern and away from pivot.
Nifty has started the 15m 2nd CT leg today ( Anti ). Initial bias is short but have to look out for possible HTF trend resumption. A deeper move can then setup 75m Anti too but still long way from daily move being under threat.
SH, I try to use Entry pattern as last step before entry so there are other factors first. For entry trigger, PB channels are sometimes used when visible. Entry can be on FT of channel high for shorts or on BO close out of the channel
In 1st example, what is the difference between marked entry and the test before that ( which failed ) - would you take both entries ? I would prefer to take entry triggers that are not too frequent, ie avoid plans that involve multiple entry triggers into a pattern and where we need to take all entries.
2nd example entry by plan is actually on pin bar close. It was FT of HTF pivot on day after trend day. I hesitated/ignored and missed it ( TS and VEDL both gave nice FT there ). For now i want to avoid TTF Pivot BOs as they fail a lot
In general, Entry triggers i want to use are
1) FT of horizontal/sloping SR. Or on BO out of the flag ( i dont use it yet)
2) LTF compression BO
3) LTF (CT) climax using BO of TTF bar or some consolidation
4) LTF CPB
5) And on LTF BO of some clearly visible structure/SR, ex multiple bars with same high that is not yet broken with price pressing into the S/R
Just fyi,
FT = Failure test / Pin bar rejection
CT = Counter trend
TTF = Trading Timeframe ( 15m )
HTF = Higher Timeframe ( 75m / Daily)
LTF = Lower Time Fram ( 3/5m )
By LTF compression i mean smaller range bars / Inside bars,
Didnt find any trade on open aligned with Nifty Anti ( 2nd CT leg).
Later took, PB Short HDFCBANK. The PB leg was a bit strong, but took entry looking at LTF climax/exhaustion and NiftyBank looked good for shorts. Nifty too was consolidating at lows. Entry ( channel FT on close) was a bit further than bar close and got some slippage too. Price moved ok but reversed taking TSL
A lot of my trades are returning from 0.6/0.7x without hitting T1. The purpose of T1 is to improve consistency and it needs to have higher hit rate. Taking better trades with time will hopefully help but I will also consider using slightly tighter stops and when possible work on slightly earlier entries with less confirmation. Combined, this can reduce target distance a lot and perhaps improve expectancy. This will also increase chance of loss and chance of bigger losses. Stop will still be kept reasonably away from pattern and away from pivot.
Nifty has started the 15m 2nd CT leg today ( Anti ). Initial bias is short but have to look out for possible HTF trend resumption. A deeper move can then setup 75m Anti too but still long way from daily move being under threat.
TataSteel
Drawing TL and TCL can help you get into trade early
feb 14 was Bull channel day
feb 15 it start with big bear bar with tail at bottom 2nd bar doji bull bar could have enter at above bar 2 high on SLM for test of bull channel line or Y swing high at end of day. (Not marked on chart)
on feb 15 second entry short are rejecting TCL (marked on chart)
with tgt of measure move from rejecting to entry marked with blue line to down if check TGT measure move come bar 1 low
feb 16 long entry this would trick on realtime i am not denying it after see pin bar with that big tail above it it would be ideal to go long
if you moved notice entry on realtime i think their would change to add trade around that area
Drawing TL and TCL can help you get into trade early
feb 14 was Bull channel day
feb 15 it start with big bear bar with tail at bottom 2nd bar doji bull bar could have enter at above bar 2 high on SLM for test of bull channel line or Y swing high at end of day. (Not marked on chart)
on feb 15 second entry short are rejecting TCL (marked on chart)
with tgt of measure move from rejecting to entry marked with blue line to down if check TGT measure move come bar 1 low
feb 16 long entry this would trick on realtime i am not denying it after see pin bar with that big tail above it it would be ideal to go long
if you moved notice entry on realtime i think their would change to add trade around that area
In 1st example, what is the difference between marked entry and the test before that ( which failed ) - would you take both entries ? I would prefer to take entry triggers that are not too frequent, ie avoid plans that involve multiple entry triggers into a pattern and where we need to take all entries.
2nd example entry by plan is actually on pin bar close. It was FT of HTF pivot on day after trend day. I hesitated/ignored and missed it ( TS and VEDL both gave nice FT there ). For now i want to avoid TTF Pivot BOs as they fail a lot
In general, Entry triggers i want to use are
1) FT of horizontal/sloping SR. Or on BO out of the flag ( i dont use it yet)
2) LTF compression BO
3) LTF (CT) climax using BO of TTF bar or some consolidation
4) LTF CPB
5) And on LTF BO of some clearly visible structure/SR, ex multiple bars with same high that is not yet broken with price pressing into the S/R
Just fyi,
FT = Failure test / Pin bar rejection
CT = Counter trend
TTF = Trading Timeframe ( 15m )
HTF = Higher Timeframe ( 75m / Daily)
LTF = Lower Time Fram ( 3/5m )
By LTF compression i mean smaller range bars / Inside bars,
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