Wednesday, March 9, 2016

Yesterday's plan worked today - Day Trading: Mar 9, Intraday

Observe the similarities with yesterday:
  1. I read the direction wrong. Yesterday was a down day, and I started off with 2 losing longs. Today was an up day, and I started off with 2 losing shorts.
  2. The third trade on both days was in the direction of the trend and got me into money.
  3. In both the Trade #3, there were clear opportunities to lock in 20 points profit, that I did not book.
  4. In both the Trade #3, the price started sliding in the opposite direction after the lost opportunity.

Thankfully, the similarities end there. Unlike yesterday, today's Trade #3 got me money.

Today would have been a great day if I had taken the early morning Breakout Failure of Yesterday's Low, but I decided to to wait for 7400. Also, in Trade 2, there was a clear pivot to lock in some profit, but small profits were not in today's plan. I was also not very happy about my exit in Trade 3, because the price bounced back immediately. Luckily, the price did not bounce up much like in the last trade of March 1, so I am not too pissed.

Nifty M3 Candlestick Chart

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