Monday, August 28, 2017

Discretionary Day Trades - Monday, 28 August 2017, Intraday

Today, I wanted to be more patient than I was on Thursday. In the end, I did get into many trades, but with slightly better entries than on Thursday. The objective remains to take entries with small Stop Losses and trail the ones that work out.

NIFTY M3 Price Action Chart
NIFTY M3 Price Action Chart

Did not short the first bar: The pre-open had indicated a higher open. If it opened higher and fell, I wanted to short at 9900. The opportunity was there but I avoided it. Had I taken that entry, I would have exited in the 2nd bar at the entry price, and not made anything.

Ignored BOF of PDH: Was being patient... also, was confused about the direction, though the trend was clearly up. That probably would have been good entry.

Trade 1: Long as Breakout Pullback of Day High. Could have bettered my entries, but I was being patient. If I had followed my original trailing plan, I would have been in the trade until Day High, but would exit with just 5 points, and miss the downmove.

Trades 2 & 3: During the upmove, I decided to look only for shorts, though trend was clearly up and everything told me that it was going up. The first short hit SL immediately, but the second moved. M1 bars of the entries are shown on the chart.

Trade 4 & 5: Was looking for a break of 9900 with high volume to go long. Neither happened, but I still took the Long that I thought was risky. Then, reversed to short.

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