Today I
did not trade. The below commentary is the view in hindsight only with my
limited knowledge and experience.
Market
opened within previous day’s range below the PDC. Attempted to test the PDC
level and failed. Prices has broken the PDL and found resistance at RN-8050. A
BO pull back happen of PDL as marked location A. BOF happen on pull back of
last BO level triggered an short entry
as it also complies our zone theory rule and also the current bias rule . The
position will be scratched when BO of RN failed and formed a hammer candle as
it shows that buyers are stopping the prices to go below this level and some
big money is buying there which is stopping the downfall. Prices went up and
FTC at PDL at point C. Prices came back to RN after FTC at point C. Prices
found resistance to go below RN as we can see overlapping candles near RN.
Finally BO of RN happened where buyers have given up their buying. After BO
prices pull back to test the low of last BO hammer candle of RN and FTC. A
short entry triggered at point D as it also complies to our zone theory and
current bias rule. The downward movement of prices are stopped out at 8031 and
prices moved within the range of the candle made at 11:33. This candle becomes
the master candle. First attempt to BO the low of master candle happened at
point E. Exited the position when prices had failed to go below the low of
master candle second time. Prices have gone up to test the RN which is the last
BO level and FTC. Avoided the entry as prices have refused to go below the day
low three times earlier. Prices approached to day low level and a BOF of day
low triggered the long entry. Will avoid to take this entry as it is a counter
trend entry and the FTA is very close to it and also it does not comply the
zone theory.
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