Last trade was cancelled as Nifty gave breakout and sustained above channel, hence the analysis was invalidated. There can be good RR trades by this expiry or next expiry. I will trade as per my analysis on chart, SL is a bit high as RR is good enough. 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.
Comment:
Since SL / Target was not hit, I will continue with the same setup for next week. No need for new analysis or setup. SL can now be shifted below last swing low on 1 hour chart. Thank you!
Comment:
TSL was hit on long trade, entered short trade yesterday as per chart plan, will continue the same trade for next week as well. No new setup and no more trades.
Trade closed: target reached:
Target almost acheived, won't wait for 20 points when more than 350 points has already been gained. Closing this trade now. Will post next week analysis by Sunday. Enjoy the week and weekend. Thank you!