Monday, June 13, 2016

In the dumps, again - Day Trading: June 13, Intraday

Today was one of the usual days for me, where I lose a lot and wonder what I should do next.

It doesn't appear that this phase of discretionary trading will last long. Maybe, I overtraded. Maybe, I did it all wrong. Maybe, it's just one of those days. I am not even sure.

Nifty Price Action Chart

Gap down: The day opened with a large gap down. Price hung around 8100 Nifty Spot. If not for the 8100 BRN below, I would have shorted below the range.

Trade 1: When even after the gap down, price could not reach 8100 for a long time, I took a long after a range compression in the bottom. Loss.

First Trade Entry - Live Tweet
First Trade Entry - Live Tweet

Trade 2: Breakout Pullback of 8100. Another loss. In both trades 1 and 2, I could have trailed tighter.

Trade 3: Breakout Failure of 8100. This one burned me quickly.

Trade 4: Trend Continuation (or is it Breakout Pullback, I am not sure of the terminologies) entry. Unlucky to have my stop hit. This is the one trade in which I tightened my Stop Loss early, and this is the one trade on which it would have been better not to. Damned if I do, and damned if I don't.

Trade 5: Breakout of Day's High. Maybe, I could have bettered my entry by a couple of points. I was hoping for a gap closure. False hope. Maybe, I should have scalped this one to reduce today's pain, but no - I live on hope.

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