Friday, January 29, 2016

A good start to the February series - Day Trading: Jan 29, Intraday

Today is the first day of the February series. A big outside bar in the initial minutes was confusing. Then, when the price fell back into yesterday's range, it started to look like a range-bound day.

Unlike the past 2 days, I tries to be relaxed with my entry, focusing only on visual clues. After my long entry, the price moved pretty much one way. There were a couple of deep pullbacks that came close to my trailing Stop Loss, but no damage done. In my mind, this is how the Range Compression Trading System is supposed to behave - that is the whole purpose of having wide Stop Losses. The icing on the cake - the auto square-off exited me close to today's highest price

Got my second century since I began posting on this blog. Been a long time coming. The last century trade was on November 18th. On January 13th and January 14th, I was in trades with MFE of 125+ points, but they were booked for less than 100 points.

Nifty M3 Candlestick Chart

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