As per weekly wrap, we saw BNF near an important Resistance level. Last trading day was a big uptrend. Bias was up .Post open, BNF failed to break the weekly levels marked in red PDH and PDL not highlighted as they were closed to Weekly levels . Price retraced back thus creating IRL with a big green Candle. Range was identified early on. Identifying the market structure is very important. Post noon, BNF moved in small range within the bigger range of the day. Hence most trades were scalp trades (will detail out my definition of scalp and trend trades). Moved to a 1 min time frame to trade as in a small range the move gets over by the time you see suitable entries.
- Long trend trade – CPB near weekly level. Had to scalp as it did not carry.
- Short scalp trade – IRL CPB ( SL hit ).
- Short scalp trade – IRL SPB (rentered short)
- Long Scalp trade – IRL SPB (no profit no loss). looking at big green candle, excpectation was a test of days high hence held instead of scalping.
- Short scalp trade – SPB At intraday levels. Again held instead of scalping.
- Short scalp trade – Failure to break Weekly level. SPB entry. It was supposed to be a scalp but BNF moved down very quickly. Covered at Intraday low(IDL). BNF went further down after i covered.