Hi,Very tough trading day. Market was in tight range most of the time and that range was full of decision points (IRL, PDC, IRH, BRN, PDH). I took three trades today.1. 9:46 am - Took the Breakout (BO) of IRL at 5870 and immediately scratched it. Loss of 7 points. Did not take the BOF of IRL as PDC (5890), BRN (5900) were near and so did not risk it.2. 11:59 - Took short at 5891.5 as BOF of IRH and covered quickly at 12:04 at 5896. It was risky trade as I was near PDC territory and IRL (5868) was also near. Should have avoided this trade.3. 12:18 - Took long at 5910 as BPB of HOD and BRN. previous candle high was 5909 and market briefly touched 5900 and came back. It was also risky trade since PDH (5924)was near. Should have avoided this trade but assumed that market is coming out of very long sideways movement and so may take direction. Had to quickly scratch this trade as well at 5909 within 5 minutes.Did not take the BOF/TST of PDH at 2:30 as market was just triggering stops and volatile. So avoided this trade. Overall, lost 15 points (excluding brokerage) in 3 trades Your thoughts on what I should have or have not done.ThanksVikram
VikramThe method work well when day traders are in control of the market. Being expiry day there will be a lot of chop especially if the market is trading around BRN ( with new option strike prices we may need to watch 50s also )Let the Titans clash and fight it out. Better to stay out especially during the afternoon sessionST
Hats off to you sir your experience kept you discipline with one trade but i did the same as other traders were doing today !!! i was just scratching today ...Guptak03
Hello Vikram, i follow fibbonachi levels for trade- i din't get BRN, PDH etc. please share the technical analysis you do using it. Trades are like adrenaline if speculative and money bank if decisive.-Would like to read interesting stuff on the same. All the best-Hitesh
HiteshHere we trade price action in its purest form. No conventional TA or Fibos.Both Coffee and butter milk are good.It will not be nice if you mix it together.ST
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