Wednesday, March 28, 2018

It was not to be... ☹

A delay in typing the order caused me to miss the 3 PM expiry day move. That entry would have saved the day for me, but it was not to be... I put in the the reversal order, but maybe it did not reach the exchange or something, and what actually got executed was only the exit from long and not the SAR to short.

That was the story of my trading on the contract expiry day today. I took a total 10 trades. So, was busy all through a grinding day and had nothing to show for it.

I liked the volumes when the day began, and went short soon. That initial drop stalled, and I identified the reversal point, but was scared to take a long because the bar was wide. Then, I reversed for a loss, and then again reversed for a loss, and that set the tone for the first half. I was just trying to grab a big expiry day move where there was none.

The second half was better, though it would have been better if I had got the reversal move after 3 PM.

Too many trades today, so I think I will put overtrading as a sin for today. Still, my performance today was better than on Friday, when I had not moved the Stop Loss. So far, the lesson about trailing stop losses sooner seems to be working. How can I make this better?

Nifty M3 Price Action Chart
Nifty M3 Price Action Chart

1 comment:

  1. On further analysis of my behavior, I now realize that missing that 3 PM drop was not as big of a loss as I made it out to be. For all my cribbing, about missing a 40 point drop, I probably would not have held on to that trade. At that point, after a series of losses in the morning, I was under pressure to lock in profits. So, if I had actually caught that reversal at 10142, I would have exited for 10 points (or maybe slightly higher), in the very next bar - the bounce represented by the green pin bar.