Day began at 10am.
NF had opened Gap up at 8662 against the closing of 8635 and within the first 5 mins came down to 8633 and by the 10 had touched 8609 twice so I assumed it was the low of the day and hence the support.
Watched the markets for next half an hour and put a limit order at 8611. Due to wrong entry levels, trade got rejected and the NF went upto 8634. I was satisfied that I have been able to understand the market structure a bit.
I again put in a limit order of 8611 and it was not filled so I cancelled the order.
I marked the trade on the chart so lets upload the chart.
What was satisfying was not that the trade gave by 49 (net 44) points but that I was able to understand the market structure and was absolutely aware how much I will lose before I got into the trade.
I did not have the stress like I used to have earlier. Not that I did not have at all (that stage is still far fetched) but it was much lesser. I was excited though to find out the outcome of my trading decision. What would be the random result of the trade was what I was concerned about.
It was a copybook Price Action Trade but it is absolutely impossible to predict that same result will take place the next time.
In hindsight I missed out on at least 30 more point but then as long as I ended on the positive side, I am better off.
My Takeaways
I did NOT re-adjust my SL to give market more room to come in my favor.
I did not panic when it came down to 8607/08 around 12:10.
I did not take the profits too soon at the first R of 8641.
I was enjoying the ups and downs of the trade.
My earlier trade is now at 75+ points profit. Still 125 points shy of 200 points. Lets see how the market pans out.
Best of luck to me. One winning trade does not prove anything. Any boasting will lead to roasting.
NF had opened Gap up at 8662 against the closing of 8635 and within the first 5 mins came down to 8633 and by the 10 had touched 8609 twice so I assumed it was the low of the day and hence the support.
Watched the markets for next half an hour and put a limit order at 8611. Due to wrong entry levels, trade got rejected and the NF went upto 8634. I was satisfied that I have been able to understand the market structure a bit.
I again put in a limit order of 8611 and it was not filled so I cancelled the order.
I marked the trade on the chart so lets upload the chart.
What was satisfying was not that the trade gave by 49 (net 44) points but that I was able to understand the market structure and was absolutely aware how much I will lose before I got into the trade.
I did not have the stress like I used to have earlier. Not that I did not have at all (that stage is still far fetched) but it was much lesser. I was excited though to find out the outcome of my trading decision. What would be the random result of the trade was what I was concerned about.
It was a copybook Price Action Trade but it is absolutely impossible to predict that same result will take place the next time.
In hindsight I missed out on at least 30 more point but then as long as I ended on the positive side, I am better off.
My Takeaways
I did NOT re-adjust my SL to give market more room to come in my favor.
I did not panic when it came down to 8607/08 around 12:10.
I did not take the profits too soon at the first R of 8641.
I was enjoying the ups and downs of the trade.
My earlier trade is now at 75+ points profit. Still 125 points shy of 200 points. Lets see how the market pans out.
Best of luck to me. One winning trade does not prove anything. Any boasting will lead to roasting.
No comments:
Post a Comment