EOD Summary
A very bad and frustrating day. Nifty was in uptrend for the day after a gap down. Got an early long signal for the uptrend. But due to bad trade management screwed up the entire day
Trades in 1 Min chart
Entred long at 5335, with a stop loss at 5327. First target was 5348 (prev swing high in 3min chart). When price reached 5348, SL is moved to breakeven. Looking at the inverted hammer followed by the drop in price made me to close my long at a 10 points gain. I expected a double top and a re-test of 5330-5320 level. But by the time candle closed it became green and subsequently price broke to make a higher high.
great going taiki :clapping::clapping::clapping:
but what was the logic of getting out at 5345?
with my little knowledge of price action,your trade was never under threat,either in 1 min or 3 min T/F
in both the T/F price is making HH and LL only,and once u moved your S/L to B/E,your trade becomes risk free
then it does not make sense to exit in a hurry
this is just my thinking,so dont mind and carry on with your good work
all the best
Waiting for Taiki bro's reply on the same
Yet after the breakout price came back to 5348 and took support there where a re-entry could have been made. But I stayed out of this to take the trade only near S/R lines.
So next I was looking for setups near 5370. Price formed a range around this area with 5360-5380 as low and high. I attempted 3 short trades here, 1 in breakeven and other two went for a loss with 3 points in each.
Price finally broke the 5380 and I missed the long breakout trade. This made me frustrated and emotionally I made a long position around 5398 and price started taking resistance around 5400, By quickly recognizing my trades taken out of frustration I closed the position immediately at a 2 point loss. And stayed away from the terminal for the rest of the day.
Overall I was trying for Short setup in an uptrend. So this had to happen.
:annoyed: Anyway just moving on with a day and looking for a good tomorrow.
Lessons taken
- Your emotion can come and hunt you at any time and will not miss a single chance to destroy you if you let it to do so.
- Similarly we as a trader should not miss a single chance for following price trend, being disciplined and taking the trades.
- Even If I would have waited patiently I would have got my prize short trade from 5420 that made price to fall to 5360 in no time.
Did 4 trades today, 1 in profit, 3 in loss, Net gain =
+2 points (After brokerage it will be -2 points)
Regards
Taiki
