Thursday, August 24, 2017

Discretionary Day Trades - Wednesday, 23 August 2017, Intraday

This month, I paused trading the Princess System. I had traded the Princess System continuously for 11 months. That's the longest that I have traded any single system, longer in duration than any of my multiple attempts with the Opening Range Breakout system. So, back to system hopping.

Yesterday, I tried discretionary trading once again. I am attempting to take trades with small stop losses, and try to trail as best the ones that work out.

Nifty M3 Context Chart
Nifty M3 Context Chart

I have removed more clutter from my charts. I thought that the bias was downward, and so was looking on the short side... probably a break of a pivot low.

Nifty M3 Price Action Chart
Nifty M3 Price Action Chart

Price started off by hanging around 9800 Spot, in the middle of previous day's range. So, had nothing much to do. The Spot Prices that I have marked on the chart may not be accurate, because I wasn't thinking of posting a chart. Also, it is tiresome to watch all numbers all the time.

Trade 1: Then there was spike. Took a short when price fell. Could have had a better entry below the 9:56 doji low, but I did try to improve my entry slightly to 9820. The target was 9800. The exit too could have improved, but I had pre-decided my trailing until 9800, and the trials did not happen.

Trade 2: After the exit, the price again started moving down, but I would not enter as there was no room. So, my bais was still down. Took trade 2 as a reversal from range high. Target and trailing plan was the same as in trade 1. Had I been patient, I would have taken the better entry below the higher volume 12:23 pin bar.

Avoided short: I avoided the short below the 12:23 pin bar, and the attractive short below the congestion marked on the chart, because I already had 2 losses on the short side. At this point, I was looking for a breakout pullback entry at day high. That order converted into trade 3 later. On the short side, I decided to wait for action below 9800. In any case, had I entered, I don't think that I would have gained much, because I think I would have exited on the 1:53 spike.

Avoided long: 2:20. Breach on 9800 and reversal, but I had my doubts. Instead, I decided to try a momentum short downwards.

Trade 3: The price zoomed upwards. I had my doubts about price continuing above day high, but I decided to let my long stop at day high stay, and put a small stop loss when hit. Trailed well, but exited by a typo. Turned out to be a good exit.

Trade 4: Tried a loss of momentum short. The stop loss was hit quickly, but I was not aware of that for more than 5 minutes because I was watching the chart only, and the price never touched Stop Loss in the chart.

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