Friday, July 1, 2016

Spike & Ledge, could not handle - Day Trading: July 1, Intraday

Today, after the initial spike, I suspected a ledge. It did turn out to be a ledge, only not a good one. I would expect the ledge to finally breakout upwards. That did not happen. The price was in a 30 point range all day.

Nifty M3 Candlestick Chart

Again, I overtraded. The first trade entry was a good one for a spike and ledge. Trailing it was tricky. If I had held on to my initial stop, I could have ended the day with just that one trade. But, I tried to lock in a small profit. Not just that, I reversed the position, when I could have waited for it to go under 8350. What followed is the usual story of getting whipped in the small range.

Click here for the story in live tweets at @BakwaasTrading.

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