Friday, April 13, 2018

The long wait for the One Good Trade

Since I added the One Good Trade rule to my trading, it has been all about waiting for that One Good Trade, which may not even materialize. Yesterday and today, the day started off with losses, and the rest of the day was spent in waiting for the One Good Trade that did not materialize.

It is still early days to judge the rule, but so far, it has behaved reasonably. A very big factor in the results has been luck/fate/kismet - from choosing the scrip that would move on that day (SBIN was good pick today), to being able to get a fill on the order.

Today was another single scrip day for me. It started of with the bad whipsaw of 2 losses. The SAR that caused the whipsaw was particularly jarring, because the tick on which the reversal took place did not even show up on the chart. That's unfortunate, but sort of balances off against my fortune yesterday when the second trade survived by just one tick. See what I mean by luck/fate/kismet?

Even then, there was particular SAR point that I was eyeing after 12:30 PM, that could have turned this into a big profit day. But I was waiting for a retest of the immediate preceding Pivot High. That did not happen.

I will not be trading on Monday. I should be back on Tuesday or Wednesday next week.

Day Trading Price Action SBIN
Day Trading Price Action SBIN

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