Trade plan is given on chart. No trading even if there is trendline breakout unless it breaks out the resistance level for atleast 15 - 30 min. I will again remind that I would not take any trade unless Nifty follows my trade plan. 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:
There is obvious mistake in the title of this setup, instead of November, I wrote October. Please excuse the oversight.
Comment:
SL taken as Nifty breached trendline resistance. I will initiate another trade when Nifty starts trading as per my trade plan, till then no trade. If there is 2nd SL, I will not take any further trade irrespective of what Nifty does.
Comment:
Will continue the same setup and will take only 1 SL this week. No more setup and no more trades.
Trade closed: target reached:
Closed the trade today, exact target not achieved but won't carry forward the trade. Will share new setup for next week by Sunday.