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Premise was still valid...but i realized that first long was gotta poor location.
Will hold this with initial stop of 5732...with passive trailing and target around 5768
Harvest The Moon Nest The Market
Can you help answer these questions from other members on NexusFi?
09-Oct-2012 : A dramatic small profitable day. This day was most tough to me...my confidence gone from peak to trough through series of developments. I was confident of first long to be success, but it failed via stop. With second long i was even more confidence - i thought this one had better location than first - a good reason of failure of first after the fact. I had almost taken its success for granted and moved off from screen for some time. But it shattered my confidence soon. I was discarding the potential theme behind first long failure and second going the same way. I virtually cried myself "why" its not working.
There is a psychological barrier for second and subsequent trades if any in my trading. After first trade i had always considered next everything as over trading. For long i have been trading just one trade per day. Though this has gone much for second but third trade is still seems over trading me.
I could see how theme of day has already been misinterpreted by me and move below VWAP was just stratup for correct one. But i already lost my confidence and energy. Echoes of "Sell on Rise" in this scenario seemed laughing on me - how foolish i seemed to be bought near day's high/ yday VAH / Supply level. I just wanted to BE the day, and it needed a very tough push from me to sell and cover loss.
Most days develop on one or two themes as i view the day. And each theme incorporate ideally one perfect trade. Its not feasible to get one wrong trade in a theme and get one right. This way it can only Break Even. Below is the TPO diagram where i marked three themes of today. I was betting on 1 ( Low probability , High risk ) gone late on 2 ( High probability , Low risk ) and in the latter half 3rd also appeared ( Low probability , Low risk ).