I will try to explain how it happened.
My indicators are Fast Stochs and BB and 2 min for Trading and 5 mins for Trending. Reliance does not give a good charts in the web terminal so I follow Google finance nifty.
Nifty was consistently nearing mid of BB and was falling and I thought the same would happen around 12pm. 2min Chart candle was also making lower high and 5 min had been in OS for more than 5 bars. Then thought it is again going down and initiated short at around 7680 level, it went down for some time but zoomed up in a very short interval.
I was trying to cover but could not do due to reliance terminal got hung for very long period, that was different issue but on the whole I missed that opportunity and had to bear loss.
Now u would have understood that my trading is not completely as per rules and I am in very starting stage of learning. I thought I will unnecessarily post wrong observations.
During EOD analysis I found it like V shaped which I could not understand during the trading, this is a surprise and then suddenly realized that yesterday it was been hinted. Hats off to the experience and remembering these things which I am bad at learning now.
Anyways, thanks Somatung for inspiring me to write my trading. I never wrote the trade journal (a bad habit) will try to bug you guys or will note it down.
Please share your experience for today's trade.
BTW - Learning whatever I have till now is based on ST Da's posts, Mr. Raghav's document and many more on Traderji.
Hi Pravi_kanth
Nice post you did :thumb:. Writing a trading journal can help you to be more focused to avoid old mistakes. I am clear it takes time to write down every day such a trading journal. As longer as you do it, as shorter the trading journal should become as you managed certain problems and stay on the level. If you want to post day by day such a trading journal is your choice, but when asking questions to others it helps them to understand better what you are doing.
Here some thoughts on your post from my side. You are absolutely free to do with it what ever you like, as I am not here to prove any thing. Here we go:
- Time frame you use: For trends you may change to bigger time frames. Your choice.
- Charting: Google does show delayed data as far as I know.
- Trading on Candles and taking decisions on candles: Very difficult even with TA indicators. Your choice.
- Reliance Terminal: You may change to an other broker as what you told about it is not good for trading.
- We all did start some where and being wrong is part of the game. (Again: Trading journal at end of day will help here)
- V shape is not always V shape and no guarantee that you have seen the low in any market. (Patterns as standalone are not very good to trade at this days)
- Learning takes time in what ever you do. So do recognize it and specially do accept it and do not make your self down about it. It is called:
Positive
Thinking
Attitude.
- Good choice of persons you did decide to follow. It all depends on what and how you want to trade. Never go for system hunting, as the trading system is just a part of your whole trading. Instead learn how to trade both sides, long and short, and that will do the job.
Next point:
People who know me for longer in the forum know that I am not directly involved in your market, as my home market is CME and this most of the time in the Globex market. As many times Globex during the day is not much stress, Nifty is as well on my screen. But where ever you trade, charts are charts, PTA is PTA, TA are TA's. Only different in this case: I can trade options in what ever futures (Index, commodities, currencies and so on) which in your home market is not possible.
If done any trade in your Nifty market with the above mentioned:
- If island gaps, then trend lines after 10:00 on what is shown until then on the intra day chart plus PA. Not perfect for trending days and quit good for normal days in Nifty.
- If no gap, then trend lines on the daily and intra day chart, PA and entry end exit or filter zones around those touch levels.
- Strategy: Naked options and specially advanced option strategies with different derivatives (Options in all kind of ways, futures in all kind of ways and even stocks) with even leg in, which can be done easily in Nifty.
Now I wish you all the best. I am sure dear ST and all the other seniors and members you follow will take care of you, as long as you also show them a bit what you do when asking questions to them.
Take care / Dan
