Friday, March 11, 2016

Did I do it right, or did I do it wrong? - Day Trading: Mar 11, Intraday

The same clueless trading. 9 trades in total. The first 5 were losers, and the next 5 were winners. To my credit, I applied the exact same logic to my entries and stops throughout the day - irrespective of whether I was in the losing or winning phase. So the question is pretty much rhetorical... What I should really be asking is - Is it right to win, and wrong to lose?


Did I do it wrong?

Trade 1: Short on Breakout Failure of 7500. I was hoping that it would touch yesterday's afternoon range low - which it did - but there were not sufficient points to lock in profit at that point. After exiting for a loss, I was hoping that it would come back and cover the range again.

Trades 2, 3 and 4: Trade 2 entry was below the pin bar after a nice wide range bar. I took the trade even though the momentum was clearly up. So, when the Stop Loss hit, I reversed to Trade 3 long. It broke the Day High with volume, but then started falling. Seeing the fall, I wanted to reverse early, and tightened my Stop Loss to reverse to Trade 4 short. That was another loss.

Trade 5: A breakdown after couple of attempts to break the day high. I was not very confident about the location of this entry, and so I tightened the Stop Loss. Result: It ate my Stop Loss, and then continued its fall. Bad luck?


Did I do it right (but maybe not very right because the exits were wrong)?

Trade 6: Reentered the short. Took this trade even after 5 consecutive losses, because I thought that the previous exit was bad luck.... and if I could take 5 losses, couldn't I take 6? ☚ Reason why I keep losing so often. About the exit, I was conflicted. On one hand, I wanted to book when momentum stalled. On the other hand, I did not want to miss out on a big fall just because I tightened the Stop Loss, like I often do. I finally voted for a wide trailing Stop Loss.

Trade 7: Pullback long. It moved, and I tightened Stop Loss to lock in some points, and it got hit.

Trade 8: Price was swinging for a few bars before it broke out. Then, it immediately fell, and I took that entry. for this trade also, booking on loss of momentum would have been a good idea, but I trailed the Stop Loss to a random point.

Trade 9: Price was going up, and I was cursing myself for not reversing Trade 8 at loss of momentum (though I had only thought of exiting on loss of momentum in Trade 8, and not of reversing the position). Anyways, when the upward momentum stalled, I shorted. There were a few points in this trade also, but I did not get much.




Nifty M3 Candlestick Chart


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