Master one trick only

sir,
a simple request and clarifiction if possible after your c candle there was selling pressure but after that i feel there was a doji formation ie confustion how did you manage to overcome sir because yr position was right a simple clarification will help me pl.
amrit
 

Niranjanam

Well-Known Member
Jetking

Nice trades. Almost the same situation existed when candle no 2,3 and 4 printed. What made you to go long above candle 4 so confidently without waiting for the break of the pin bar high. actually Price stalled at the pin bar high for a while. I would like to know your thought process.

Thanks
Niranjanam
 

jetking

Well-Known Member
Jetking

Nice trades. Almost the same situation existed when candle no 2,3 and 4 printed. What made you to go long above candle 4 so confidently without waiting for the break of the pin bar high. actually Price stalled at the pin bar high for a while. I would like to know your thought process.

Thanks
Niranjanam
Hello Jetking,

One more doubt, why you did not consider going long above the bottom of the day almost a hammer with highest volume and previous candle being a climatic bear candle with high volume.

Regards,
Merchant
sir,
a simple request and clarifiction if possible after your c candle there was selling pressure but after that i feel there was a doji formation ie confustion how did you manage to overcome sir because yr position was right a simple clarification will help me pl.
amrit
ok let me explain my reasoning

pre open bias was up,earlier indication of election result were as expected so mood wasup and i was looking for a point to go long
candle 1 was a long upper wick low close above avg vol candle,showing the initial selling pr
candle 2 was a bull candle with good vol,but waited for a confirmation to go long
candle 3 was a narrow spread good vol candle,for me it was the signal candle,because price is taking a pause here,and if price breaches the high of this candle probability of up move is quite good so placed a long above the high of this candle
the stalling of price is very significant,this area often gives the accurate signal,about the mkt direction
now regarding the pin bar (candle no 8)
many times the pin bar appears in a up/dn move,mostly they form due to profit booking and to trap traders,who think there is a reversal comming up
in this case even the high of this candle not breached so no need to bother at all,this candle is been used for TSL
lastly,the candle no 10
yes along could have been taken as shown,but it was already enough ,more than enough for the day so avoided this contra trade
thanks
 
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