Price moved in a big downward sloping channel throughout the day.
1) Skipped IRH BOF Short, though it was with bias, as I expected a Pattern failure because of good momentum followed by consolidation.Was wrong.
2) Longed when PDL BO failed and price settled inside IR. Expected a strong up move. But it turned out to be a choppy move. Stopped out at B/E. Today too, price moved up after sending me off. Some serious thinking needed.
3) Did not take any other trade, as I could not spot any clear reliable signal. Skipped BOF @ LOD, as it was bit late. Further fluidity was not there.
Good Evening Karthikeyan
ReplyDeleteCan you tell me why you didn't consider the second TST @ RH, which was a good entry today.
Raju
Good evening Raju.
DeleteAs the price moved up from the then LOD before the second TST, it could do so only after making 3 HLs. So the fluidity was not there to enable a quick smooth move. As it turned out, that down move was highly choppy. Even if I had entered there, I am sure, I would have exited without making money.
One must have a special mindset to trade these signals. We have to keep the initial stop loss order and a limit order for exit at target. We should not move the initial SL till the target is hit. It is too early for me to think about such kind of trading.
Instead, I was waiting to go long, if price settled above IRH/MSP, where there was good fluidity. But that didn't happen.
Thanks
S.Karthikeyan