Great going Tuna.. A lot to learn from you.
I moved my SL to 3935 and avoided getting whipsawed, but got a little impatient later. I booked at 2905, making this trade a scratch.
A lot of questions for you specific to this trade. Please answer when you get the time. I'm using 3 minute charts and 15 minutes chart.
1. How did you figure out that the market was bearish overall?
2. There was rejection at 2925 levels with a pin bar at 20:00 IST. Was that why you added to your position?
3. The market spent a lot of time between 2900 and 2910 (21:18 to 21:54) before it broke down. What are the indications of where the market is headed at that time? I'm asking because this is where I got nervous and exited resulting in a scratch. This would have been a win if I had an indication that the market would break down rather than rally. I know it's impossible to predict the market direction, but I would like to know how you would read the probability at such a time. Would you look at a different time frame? Would you consider earlier price rejections?
4. How do you decide exit points? Do you wait for oversold levels on any indicators or would you decide on a certain number of points to book at?
Please do post your replies if you get the time. I know it's a lot to answer, but for me it's a learning process and I'm happy to see somebody successfully day trading in Crude, which is what I've been trying to learn as well. Any advice is appreciated.
Thanks.