Tuesday, January 12, 2016

Patience - Day Trading: Jan 12, Intraday

2 short trades today. The first trade was easy. Booked a profit. The second short entry was on a deep pullback, just like yesterday, except that it didn't work as well. I continued the same Range Compression Trading system that I traded yesterday - with entries based on discretion, but Stop based on a Mechanical Trading formula. The Stop Loss - which was the Pivot High above my entry - never moved.

The current winning streak count is up to 4 now - see the Trading Stats (Yes, even the last trade counts as a win in my book). Overall though, I am yet to make anything good in this month. Have just been able to dig myself out of the hole that I was in.

The rewards of patience - would have been nice if it were better, but it's better than some other days when patience doesn't pay, and instead takes away. Anyways, patience kept me out whipsaws in the range bound market zone today.

Nifty M3 Candlestick Chart

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