Wednesday, January 13, 2016

What goes down, must come up... - Day Trading: Jan 13, Intraday

Trade 1 was a mistake. At 9:55, I thought that the 10:00 AM bar was complete and entered long. That trade broke this week's 100% win record, because the next 2 trades were winners and the winning streak would have continued.

I was in 2 minds on whether to reverse to Short on exit of Trade 1, because one of the objectives of keeping the entries discretionary is to reduce the number of trades. I decided to SAR that one, and it did good - until the exit that is... the price straying out of the way just to eat my Stop Loss . Another reason for entering that Short trade was that Range Compressions in the morning are beginning of some of best intraday moves. The third trade Short was also an iffy one - I would have preferred a narrower range congestion for entry. In both the Short trades, the Stop Losses were trailed mechanically, slowly, and left a high percentage of the profits on the table.

Completely missed the V-reversal move to the day's high, because I did not get any signal per my Range Compression Trading System (discretionary entry rules). On the 300 pointer day, I have made less than 100 points. That's ok, I guess. That's what this new trading system is for... to prevent me from doing too much. And tomorrow is another day. For today Estoy Contento

Nifty M3 Candlestick Chart

No comments:

Post a Comment