Last bearish trade hit SL despite travelling halfway in the direction. The next week trade plan is given on chart. Any hourly closing above the trendline or the breakdown level will be my SL. Like always, I will avoid taking any trade if Nifty does not work as per my analysis. Thank you!
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INSIGHTS:
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As usual, I will keep sharing my insights which are based on my personal experience in trading.
1. Please stop watching foreign markets, it won't help but will corrupt your viewpoint and ultimately you will either lose an opportunity or make a loss.
2. Market will not keep taking SL again and again, it has to decide a trend after some time. But if it takes 2-3 SL, just stop and wait for another opportunity.
3. In case you have 2-3 SL hits, immediately stop looking at market, leave your computer, watch some movies or go some place with family or do any other leisure activities, but just get the market out of your head, believe me it helps a lot.
4. If there is a SL, DO NOT THINK TWICE, JUST EXIT, IT IS JUST 20-30 POINTS, you will be getting 100 - 300 points in another trade if you simply take SL this time without thinking twice. But if you show ego to market or think that let me watch for some time, you will definitely regret it. Sometimes you may be right, but that will be just pure luck and gambling.
5. Trade with long term view point, even if you are initiating an intraday, have a weekly viewpoint, so that you will have conviction to either carry forward or just exit if you are not convinced.
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Comment:
Since the setup as per my analysis formed yesterday only, hence I will continue the same setup for next week as well. SL last swing high or no more than 19851. No new setup till then. Thank you!
Trade closed: stop reached:
This trade has already hit SL, I will post next week trade by Sunday. Happy week and weekend!