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Emotions You Also Have To Deal With !Hi Friends and Traders, Thought of sharing this interesting trade that really tested my patience and invoked all sorts of thoughts (that one has to control) to win over the markets. Perfect Entry Good Risk to Reward Market was not in the mood to reward me yet :-) Went completely sideways for almost 20 days Stuck with the trade as the price was in HH , HL formation and way above my SL levels As per my analysis 140 level was crucial and breakout above that was needed to sustain at higher levels Stock attempted multiple times and my conviction grew However as time progressed , movement became more sluggish Stock started making LH , LL Swing Highs started moving lower Crucial Support Zone started being tested by SELLERS multiple times No Matter What My Initial Exceptions Were - Market was NOW indicating that It has no Steam left to give me the MOVE I expected...Expiry was 2 days away and margin requirements would HIT THE SKY. IT WAS Time to Cut The Trade - All and All a PROFITABLE TRADE (approx. 10 K Per Lot) Lots of Learnings that a starter should take from this : NEVER EXIT YOUR UNLESS YOU HIT STOP LOSS OR TARGET PROFIT DO NOT LET YOUR THOUGHTS MAKE YOU DO TRADING ERRORS DO NOT OVER ANALYSE THE TRADE ONCE YOU ENTER TRADE WHAT YOU SEE AND NOT WHAT YOU THINK CONTROL YOUR EMOTIONS (FRUSTRATION , PANIC , ANGUISH , GREED ) P.S: ROLLOVER TO JULY ON THE CARDS
NSE:IGLEducation
by FourSTechnicalAnalysis
Venkeys: my bar-by-bar trade analysis from 1700-3100+Following is my bar-by-bar trade analysis of Venkeys, currently sitting at 80%+ ROI. a. Entered NSE:VENKEYS thanks to the range breakout + RSI 60 breach, indicating momentum. Stop placed at around gap filling (1650). 50DMA was ~9% away from LTP. b. Price saw a strong move on the upside on the next day with a sizeable gap-up. 2,000 psych level held + very strong volumes. c. The next day, the price saw a strong rejection of higher levels, but it had held on to the gap up and closed above the prev candle's high. Not exiting here was a tough decision, but such trades don't come up often, and exiting too early may mean you leave far too much on the table. I'd moved my stop to gap-filling and subsequent 2100 rejection. d. Price shook out weak hands by testing lower levels but showed a very strong upmove. e. What follows are a few candles that signal exhaustion at higher levels including an inverted hammer. But by this point, I understood that Venkeys appears to have a history of showing price rejection after making a high and that a strong move might follow. The only way to catch on to this strong move would be to set a trailing stop and let the markets do the work. A stop was set to prev candle low (for partial qty) as I wanted to secure profits, too. f. Trailing stop hit, booked partial quantity profits. Now let the rest of the position run. Potential gap retest possible, but booking partial profits helps you stay in the trade for longer. However, this can also make you hold on to a position for longer than you would have. So best to be strict. g. Started showing signs of support after the dip. h. Tried to breakout, but sellers stepped in making an inverted hammer pattern. But, this is more or less normal. Still holding. i. Strong move after a doji. Staying alert as the price had just breached FIB level. This is where price had typically started showing exhaustion. j. Observing the price movements carefully. Next round of selling around highs. The potential of a further move is still there, as the price has shown its personality. But placing a trail is important. k. Holding position despite the sliding price. In hindsight, I might have waited a little longer than required. Exiting once the lows of the inverted hammers were broken could have been better. l. News of China suspending the import of frozen seafood owing to COVID-19 traces emerges. Venkeys slides, and I'm cautious at this point. Trail hit as 2700 levels are rejected. m. Strong move, but price remains sideways after that for the most part. n. Yet another strong move, and now the price is above 3,000 psych level. o. Still holding partial quantity with the intention to trail as long as the move lasts. I will update as the price moves... This was compiled during the live market, so there's a chance that what I've said in points n. and o. has been negated by EOD. I know the smallcase alphabets I've used are also used in EW analysis. My intention isn't to display any EW, but that was the easiest way of marking the candles for easy reference. P.S. I used FIB channels to test how they work. They aren't exactly my entry or exit basis, but I will do a quick tutorial on them, too. Hope this helps! Happy trading :)
NSE:VENKEYSEducation
by MarketsWithKR
📚Trading Lesson. Triangle Types & How to Read Them📚 Triangle is a classic price action pattern that is applied by technical analysts to make predictions trading different financial markets. Depending on the shape of the triangle, there are three main variations of this pattern. Its meaning changes dramatically from one to another so it is crucially important for you to know the difference. 👉 The symmetrical triangle is determined by two contracting trend lines. The pattern is considered to be indecisive meaning that while the market is stuck within, the directional bias is unknown. Only the breakout of a boundary of a triangle clarifies the future direction. 👉 In contrast, the ascending triangle (also called a bullish accumulation) is a classic example of a bullish biased pattern. With a horizontal trend line serving as resistance and a rising trend line service as support, the market is accumulating volumes for a bullish breakout. Once the horizontal resistance is broken, bullish continuation follows. 👉 The descending triangle is a bearish biased pattern. Also called a bearish accumulation, the pattern indicates the preparation of the market participants to set a new low after consolidation and contraction within a triangle. Once the horizontal support is broken, bearish continuation follows. 🔔Please, support this educational post with a lovely comment and like. Also, subscribe to our page for more educational posts & signals.🔔
BITFINEX:BTCUSDEducation
by UnitedSignals
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