Monday, February 29, 2016

Budget Day, March is already better - Day Trading: Feb 29, Intraday

After the drudgery of the February series, a better day today. It was the Budget Day. For me, it was a  shorts day, with 7 shorts and no longs. That also meant that I could not make anything in the almost 300 point upmove - in fact, I made a loss during that move.

I loved my entries today - each of them had potential, but the exits are what I am unhappy about.

Trade 1: Range Compression entry, even before the budget announcement. Target was the then day low 7025, but I decided to demur even though price reached 7017. Finally, booked a loss. Trade Drawdown -26 points.

Trade 2: Another Range Compression entry, just as the Finance Minister was announcing something about the LPG scheme for the poor. Entry slipped by 4 points. Wanted to trail to 7001, but did not. Trade Drawdown -25 points.

Trade 3: With Trend Pullback entry. Went well. Again, I wanted to trail to 6852, but I don't know what got into me. Trade Drawdown -50 points.

Trade 4: Counter Trend Breakout Failure. Moved immediately, but not much. Trade Drawdown -30 points.

Trade 5: Entry after Breakout Failure. Trailed fast. Good. Trade Drawdown -13 points.

Trade 6: Range Compression Entry. Wanted to trail to 7050, but did not. This was the only time today, that I benefited from not moving the Stop Loss. Trade Drawdown -19 points.

Trade 7: Another Range Compression entry, just 3 minutes before auto square-off. Entry slipped 4 points. Exited in 1 minute for small profit. Trade Drawdown -8 points.

Total trade time of all the trades was just 1 hour and 13 minutes. Happy with the results, though this was a big points day, and I could not make much out of it.

Nifty M3 Candlestick Chart

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