[Diary] Godrej CP Trading PlanResults on Tuesday. My view is short side only. I will update correct trade plans shortly in 5-10 mins.
Note -
One of the best forms of Price Action is to not try to predict at all. Instead of that, ACT on the price. So, this chart tells at "where" to act on "what direction. Unless it triggers, like, let's say the candle doesn't break the level which says "Buy if it breaks", You should not buy at all.
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I use shorthands for my trades.
"Postional" - means You can carry this positions and I do not see sharp volatility ahead. (I tally upcoming events and many small kinds of stuff to my own tiny capacity.)
"Intraday" -means You must close this position at any cost by the end of the day.
"Theta" - means These are weekly options trades. If I don't explicity write the Expiry, I am talking about current week's only.
"Bounce" - A swing Trading Pattern. Google - "unofficed bounce"
"3BB" or "Entropy" - A Bollinger Band Based System which uses Bollinger Band to screen trade and Price Action to Enter. Google - "unofficed entropy".
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I won't personally follow any rules. If I "think" (It is never gut feel. It is always some reason.) the trade is wrong, I may take reverse trade. I may carry forward an intraday position. What is meant here - You shouldn't follow me. You should follow the system I share.
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Like -
Always follow a stop loss.
In case of Intraday trades, it is mostly the "Day's High".
In case of Positional trades, it is mostly the previous swings.
I do not use Stop Loss most of the time. But I manage my risk with options as I do most of the trades using derivatives. My trades are live in my forums, in comments, on Youtube. You can tail me if you want to do so.
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I will keep adding this description and it will be the same or similar in most of the trades I post.
