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?
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| Nifty M3 Price Action Chart |
>>> Live tweets of today's trades <<<
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.
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