NIFTY
Context: At open, I was undecided on the bias.
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| NIFTY M3 Context Chart |
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| NIFTY M3 Price Action Chart |
Held back: I was tempted to go long on the 9:38 and 9:41 bars, as a continuation of yesterday's up move, but held back.
Trade 1: Took short hoping for downward momentum into yesterday's fluid zone. Lost. Then decided to look for shorts only at Day High or below 9850.
Trade 2; Was trying to improve my short entry after breach of Day High. Bad.
Trade 3: Took breakout pullback above Day High. Another loss.
Trade 4: SAR to short on breakout failure. Could have improved my exit.
Trade 5: Another breakout failure entry with small Stop Loss. Lost.
I took one too many trades. Maybe, yesterday's missed trades were playing in the back of my mind. In the afternoon trades, the resistance at Day High held, but the reversal there could at best be scalped, and I was targeting at least 9850.
Not good excuses. Got to learn how to earn with discretionary trades after almost an year of trading the Princess System mechanically. That is, if I do not System Hop before that.
INFY
Context: Nifty was being boring, so I decided to look at Infosys, which showed up as the most traded underlying in NSE at that point of time. I did not bother to look at Bank Nifty.
Infosys has been trying to move up after the crash last week.
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| INFY M3 Context Chart |
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| INFY M3 Price Action Chart |
Trade 1: Opened the chart at around 11:55. Though the bias was up, I immediately liked the Breakout Failure at Day High. The low of the big red bar had already been breached, but I took the short when the price went up in the next bar. I have not been tracking INFY or any other stock for that matter, but what I saw from the previous day charts was that INFY often spikes down with stopping volumes. I was hoping for that, if not a ride to the Day Low.
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