Talisman,
As you said tomorrow is another day !!
Watch the movement of NF or Nifty Spot regularly intraday in a 10 min or 15 min TimeFrame. Over a period of time, you will develop the eye for certain patterns and also to recognize when it is not moving. Today for example, the early morning sharp fall was a chance to buy the call and when it spend more than 2 hrs struggling to break 4640 on the spot and then start to slide, there was a chance to buy the put.
Watch the intraday graphs as they happen, even if you are not looking at them every second - that is the best teacher !!
Regards,
Enygma.
Hi Engyma,
As always, thnks to you for your time.
Actually quite a few times it has been recommended not to take any action till 10.10. Thats where I missed the trick today. Blame it on some luck that i earlier had when quite a few times I got a script and it moved intraday. So, thats one thing I need to develop.
Secondly, throughout the day, I mean till 2.30, I was on screen watching movement but as you said I should have noticed that it was struggling to go above 4640. In stead of thinking that it indicated downward bias, I thought It was trying to break above the resitance zone. Europe was mild, Asia was good so I based my anticipation on that factor. That was the second mistake.
As said by you I took a 4500 PE which I later squared off and that resulted in a small loss of 500 bucks because I had also taken another 4700 CE earlier. without 4500 PE, loss would have been great.
The die-hard bull tendency based on false sense of optimism fails to match up with practical aspect. The only pinching point is I had made a substantial profit of 20 percent based on Savant ji's triggers in last two months on a small amount of 35k. And in one shot, the entire profit seemed to vanishing away. More than the greed it was desire of venturing into unchartered territory that cost me dear.
One last thing is I use ODIN and it does not really support chart thing. So...anyways..
Thanks a lot for all the support.
Regards,
