price action trading

[saakk]

Hi Saak

Please correct me if i am wrong. If i see in the daily chart, the price has gone below the support level as shown in the blue line and closed above the support line. So expecting positive opening tomorrow as the latest previous support at which nifty bounce back is respected by the close. Please correct me if my observation is correct or wrong.

 

[saakk]

 

[saakk]

Hi saak
We learn from our mistakes. But in stock market, it is better to learn from others mistake bcos learning from ourself will cost loss of money. Basically i am trading intraday options and my target is fixed 10 Rs per lot and stop loss is also 10 Rs per lot (1:1 R/R). Day before yesterday i bought 2 lots of 6200 CE Jan month option at 34 exercise price and it rises a 1 or 2 Rs. after purchase, but started falling subsequentlly and went upto Rs.28. I was in loss but i think i should hold it for the next 2-3 days. The reason for holding was that i read somewhere that normally markets are bullish in the expiry time. So by taking that decision i went against the very basic rule of Day Trading i.e not to hold positions overnight. and i am very much in loss now.

Lession Learnt: Always respect your rules of trading.

KNOWING what is rit and DOING what is rit are 2 different things, some books and videos on net are GOLD MINE of knowledge and wisdom but to apply that in day to day trading you need to spend good lot of time wit frustration, depression, mood swings, capital swings and the biggest of all is EGO, no body wants to trade small in-fact trader wants to use leverage up to the nose (i was one of them) if you cant make money wit one lot you wont wit 10 20 100 whatever size your account let you...... i knew all the stuff by reading books and watching vid but still i tried doing exactly opposite.....
All i can say "Akal badam khane sae nahi ate (or by reading), Thokar khane sae ate hai"...

 

[saakk]

 

[saakk]

 

[saakk]

I am also thinking of making 4/5 ID's on traderji and question my trade from me and ans me my ans to the qustions I have asked my self on my trade.... :lol:

 

[Gandhar.]

I am also thinking of making 4/5 ID's on traderji and question my trade from me and ans me my ans to the qustions I have asked my self on my trade.... :lol:

what these thing do good to you? improve understanding about chart more?
btw this id is not of saakk :lol:

 

[saakk]

what these thing do good to you? improve understanding about chart more?
btw this id is not of saakk :lol:

MPD after 2/3 largs

 

[Somatung]

I do not understand your interesting chart. Any more precisely explanation about it?

 

[saakk]

I do not understand your interesting chart. Any more precisely explanation about it?

If you understand PA its quite simple, I have drawn channels around price and keeping main trend in mind i take my trades accordingly, channels help me define current CONTEXT. Just like Major-Intermediate-short term trend available on large TF they are on small TF too......... :thumb: