What worked yesterday did not work today - Day Trading - NIFTY

On Friday, I tried doing the exactly same thing that I tried on Thursday (expiry day). But the day was different and I was seared.

NIFTY M3 Price Action Chart

At the end of the day, it is very clear what I should have done or not done. It is just that this clarity isn't there just before the end of day. Today, I tried to take close entries with tight Stop Losses. The recency effect of the previous day was quite strong.

Though I was trying to be discretionary, my mechanical trading predisposition forces me to stick to pre-decided rules even when some them are not working. Squeezing the Stop Loss tighter and tighter for every small move - even without a pivot formation, turned out to be a bad decision today.

The aim of this discretion is to be able to generate entries will small Stop Losses, so that any one loss does not have a big impact. It was true that none of the losses had a big impact. On the average, each trade had a loss of less than 3 points + costs. But since there were multiple losses, the impact became significant.