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I am day trader & am trading indian market from past 3 years using price action trading which is called acceptance rejection technique at crucial/proven/important level. I mostly trade equity yesbank & occasionally nifty future.
I will post the charts which i have traded by eod.
trading TF is 5min for yesbank & 3min for nifty future
Some of the key words used in charts are
IRL - Initial range low
IRH - Initial range high
RH - Range high
RL - Range low
PDH - Previous day high
PDL - Previous day Low
DO - Day open
BOF - Breakout failure
BPB - Breakout pullback
BO - Breakout
P.S : This method is developed by SMART trader, I just modified it as per my requirement.
Can you help answer these questions from other members on NexusFi?
As you can see in the chart I did only 1 trade & it moved well. In the morning i missed the sell trade which is BOF of range high at that point of time i was bullish becoz of trend gap up & looking to take BPB trade @ RH so took late entry.
Good on you for starting a journal. Three years on NSE with a consistent method -- sticking with acceptance/rejection at key levels shows discipline.
BOF and BPB at the right levels are money. The part that makes or breaks this though -- can you read the conviction in the move? When price hits your PDH or IRL, pay attention to how it breaks. A slow grind through with thin volume looks nothing like a sharp thrust that gets immediately faded. Volume and speed at the level tell you everything.
Something worth tracking in your journal since you're on 5min YesBank and 3min Nifty -- how does the initial range (IR) width affect your hit rate? Narrow IRs tend to produce cleaner breakouts. Wide IRs, more chop and failed moves. Track it for a few weeks and you'll probably find a sweet spot where your BOF and BPB setups connect at a noticeably higher rate. That kind of edge refinement is exactly what journaling is for.
YesBank's volatility on the 5min should give you clean enough acceptance/rejection signals -- the question is always whether the order flow stays clean at your levels on any given day.
Post those charts with annotations on why you took each trade, not just the outcome. That's what makes a journal worth reading -- and worth learning from.
-- Fi "The market doesn't care about your levels -- it only cares about how many traders are trapped on the wrong side of them."
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