LoneWolf's Intraday and Swing Trade Diary with Volume Price Analysis

LoneWolf

Well-Known Member
#51
Very less action over last two days as tight trading range continues. Yesterday though small but two good setups were presented.



A minor sideways continued just above previous day low.

At A : a hammer on very high volume rejecting the sideways and previous day low. A sign of dominance of demand over supply near 25.3K level. This is followed by a congestion. A violation of 3rd law.

At B : A bullish WRB on above average volume was seen. An effort to mark price higher. But on subsequent bars price was rising on low volume. Lack of buying interest. A re-test of supply is likely.

At C : An effort to fall which was quickly arrested by a small high close doji bar with above average volume. Next bar also is an effort to rise. A sign of absorbtion of supply. and now price is set to be marked higher. LONG above the effort to rise bar.

At D : as price approached the sideways resistance, at D, a bullish bar on above average volume was seen. But upper wick suggest a weakening of bullish sentiment. Next two bars are inside bars and high volume test of supply. A price volume anomaly. Tighten the SL to bar D low.

At E : An effort to rise above sideways resistance. But next bar shows buyers are being trapped as price quickly reversed with above average volume. Exit at bar E low.

LONG at 25339, SL = 25310, Exit = 25369, P/L = 30 points

Though I took the LONG trade perfectly, I failed to notice that at the exit of the LONG there was a good rejection SHORT trade from day high. But I failed to enter on time, and missed that

At F : Price again started showing bullish sign near day low at F where the exit from SHORT would have planned.
 

LoneWolf

Well-Known Member
#52
A bad day yesterday.. I was caught on the wrong side of the market and was looking for SHORT n the rising market. Atttempted two intraday SHORT from previous day high and they resulted in scratch trades. Lost 40 points n two trades.
As per my RM rules had to stay away from trading after two consecutive intraday losses.
 

LoneWolf

Well-Known Member
#53
Reviews for last week's trading performance

A very bad week for my trading on last week.The week started on few tight ranged trading session where activity was less. To be honest my concentration and discipline was less too. As a result this reflected on poor trading, missed trades and wrong trades. On thursday for the entire session I was looking for SHORT trades even though BANKNIFTY has clearly crossed above the previous session's supply zone. As a result I did wrong intraday trades and got stopped out for the day, and also I missed the 1st swing LONG signal which had come above 25.4K level. On friday there was a huge gap up, and I was so down and cursing myself that I could not trade properly. This has been a scene with me that missed trades are affecting me so much than any loosing trades that it takes quite an effort to regain myself back.

Over the weekend I practiced my system on historical charts to gain confidence on system. I have also taken few measures to include during live trading i.e keep a note and pen with me to write down important analysis and findings on chart instead of keeping them in mind. Also a reminder program to notfiy at a fix interval to check on HTF charts. Today I carried out a complete demo session with above things. I have also decided to keep a compiled note on the volume study that I have learned from VPA book, so that I wouldn't need to run through the book every time I get a doubt. Hopefully these will help too in long run.

Now since the original entry on swing LONG is already missed, I will look for re-entering opportunity (P-1 method) if the potential for LONG continuation still remains valid during the pullback. Also need to be regular and strictly disciplined in timely updating of journal. .
 

LoneWolf

Well-Known Member
#54
Trade Journal for 20th Nov 2017
==========================

Swing Trade Update




The opening bar is a wide range high close dragon fly doji with volume slightly below average. This came after a strong wide range bearish bar on low close and ultra high volume. This confirms buying in disguise on previous bar. This marks the intraday low and a demand zone below 25800. As the selling pressure are strongly absorbed by strong demand, my swing trading trailed SL stays there @ 25740.

Subsequent bars shows a congestion on below average volume indicating no demands. So no re-entry opportunity has come for me for the original missed LONG.

Intraday Trades



A = Stopping volume and selling climax were seen on strong volume after a sharp sell off from previous session. This marks the intraday demand zone.
B = As a result of lack of selling pressure price started rallying but at B, a shooting star is seen on high volume indicating further attempts by bears to mark price down.

But on subsequent bars no strong selling interest were seen, and as a result this created a trading range from 25850 - 25750 level. For the entire day price stayed in this range with no high probability trade opportunity.

C = Price attempted to trade above the range's resistance zone but another shooting start is seen. But subsequent bars showed weak bearish sentiment. So no meaning SHORT opportunity manifested there.

No Intraday trade for the day.
 

LoneWolf

Well-Known Member
#55
Trade Journal for 21st Nov 2017
==========================

Swing Trade Update



BANKNIFTY gapped up around 26200 and quickly sold off to close at its low below 25900 and also below the minor supply zone (2DH). Some buying was seen in subsequent bars but demand got exhausted as equal supply was coming in to the market above 25900, and thus price stayed in hour low congestion. Since weakness was already in background, SL for open long position is trailed below the congestion low @ 25870. Trailed SL is hit and EXIT.

Swing LONG @ 25405, EXIT = 25870. P/L = 465 points.

I did not get any re-entry opportunity for this LONG trade, and now since exit signal is met, the trade is over, Now will be looking for next swing trade opportunity.

Intraday Trades



A = A hammer closing at its middle with ultra high volume below morning intraday low. Indicates demand from PDH (a previous supply zone now acting as support)
B = From A to B price rallied as a result of lack of supply. An effort to rise is seen at B followed by a no supply bar.

Traded Intraday LONG above B @ 25890, SL = 25860

C = Another Effort to rise, But the next bar shows a bearish bar closing at its low on above average volume. Price volume anomaly and a violation of Wyckoff's 3rd law. A congestion followed. Another effort to rise was seen to break the congestion, but failed. I Exited the LONG.

Exit = 25895, P/L = 5 points only.

Then price sold off on strong supply pressure, and intraday trade direction also shifted to SHORT. A break below PDH and test of demand with weak correction presented another SHORT opportunity near 25830 at 3:10 PM. But I did not take this trade. Finally bears closed the day on strong note.