Raj,
I have been a silent reader of your thread and i enjoy your analysis on OI.
I couldn't help resist this post and ignore if you think its out of place.
When you took those puts(5400PE) with a SL, i thought it is a strict stoploss and in the past, i don't remember you justifying your positions based on flags,pennants, triangles and so forth. But, it was really strange from you to confirm your bias by bringing in all type of geometrical figures.
In psychology, this is called 'Confirmation bias' - tendency to look for , favor and be overly persuaded by info that confirms with our initial impressions .. on the other hand, we tend to ignore and dismiss information which tends to 'disprove' our initial impressions...so, in this case, it seems that you were looking for outside confirmations that were confirming to your initial bias.
We all suffer from this bias and as soon as i saw this post, i thought of sharing this with you...by the way, i do not mean to hijack this thread with my ranting but as you really share things(actually pour your heart out), i felt obliged to write this down.
Happy and successful trading !!