1. Good to see you taking steps for clear rrules from separating trend from range. But few things are not clear..
If you consider directly PDH and PDL as range extreme, and always wait for the PDH and PDL as trade zone this may make you miss few good high probable setups. Consider the below...
Friday and Monday you attempted trading the sideways range in late afternoon. Both those days marked 2 unnecessary trades that could have been easily avoidable. Yesterday also you mentioned your fear about trading in the range.. Please dont bring those emotions in to your day...
What Vijay showed was a variation to the existing rules and such personal tweaks are supposed to come with experience and trading the system correctly on consistent basis. So take these varioations as guidelines not fixed rules.
For the time being just remember that instance...
A close introspection of thought process during a trade life time (Type 1)
Stage 1 = Trade opportunity is spotted, position is made.
Stage 2 = Price did not move as expected. Threat of a loos is felt.
Stage 3 = (Fear of loosing) Mind asked should I scratch ?
Stage 4 = (Tackling the fear) Mind...
BANKNIFTY Pre Open
BANKNIFTY is still rangebound, No trend still on HTF chart. 24300 gave good bounce. A short term double bottom on chart. We need to see how far bulls can pull the market up. 25K has good supply seen on previous session.
Trading BANKNIFTY was easy today, By 10AM, the morning bullish momentum was dry and then I had to just wait patiently for my trade setup to appear. Test and Failure SHORT came around 24630. and price slided smoothly to the morning low. I was getting a strong gut feeling to exit at a fixed target...
BANKNIFTY Pre Open
For last two trading session BANKNIFTY was mostly range bound from 25K to 24.6K. On friday session, sharp supply was seen above 25K after RBI policy and BNF made low around 24.3K closing below the 2day range.
RIght..I thought to become little smarter and jumped in to 1m chart and attempted this trade. All my rules were thrown out of the window. Even if I might try to trade the given chart, I see a BOF Long setup near A, but I entered quite late. Now after market seeing my marked entry I only laugh at...