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The 22 Days: A Price Action Trader shares his Journey
See bar 18 in the earlier 5 minute chart - that was the spike where the market showed its hand for an always in long.
Till this point I was long three contracts (I loaded up 2 more) and now am long two contracts.
Simply buying the bottom of the channel and selling the top of the channel till there is a breakout.
iqgod
Mumbai, India
Legendary Market Wizard
Experience: Advanced
Platform: ChartNexus
Trading: Stocks, Commodities, Futures
Posts: 1,802 since Feb 2012
Thanks Given: 3,658
Thanks Received: 3,097
One can never be 'too' sure of where the market is going.
If one is too sure that itself is an indicator of the next trade being a losing trade.
Ooops, I just realized that I did not have the BarNumbers indicator switched on in the earlier 5-min charts. The bar 22 (not bar 18, sorry for the slip up) is where the bull spike confirmed the uptrend
As you can see I unloaded one lot where I should have loaded up more adding to a winning position (on the top of the same bar 22). Thankfully I realized this was a panic attack and reentered the trend on the next two bars which were part of a teeny pullback (bar 24 long).
Thankfully these panic attacks are getting lesser and lesser.
iqgod
Mumbai, India
Legendary Market Wizard
Experience: Advanced
Platform: ChartNexus
Trading: Stocks, Commodities, Futures
Posts: 1,802 since Feb 2012
Thanks Given: 3,658
Thanks Received: 3,097
Market closes in half an hour.
I am long two lots. (a second long order triggered two bars earlier)
I am planning to hold one lot overnight if my first target is reached.
iqgod
Mumbai, India
Legendary Market Wizard
Experience: Advanced
Platform: ChartNexus
Trading: Stocks, Commodities, Futures
Posts: 1,802 since Feb 2012
Thanks Given: 3,658
Thanks Received: 3,097
Original post date/time: 28 Feb 2013 0930 IST
iqgod
Mumbai, India
Legendary Market Wizard
Experience: Advanced
Platform: ChartNexus
Trading: Stocks, Commodities, Futures
Posts: 1,802 since Feb 2012
Thanks Given: 3,658
Thanks Received: 3,097
Note to myself - first sign of the fact that I am trading with scared money?
Original Post Date/Time: 28 Feb 2013 1005 IST
iqgod
Mumbai, India
Legendary Market Wizard
Experience: Advanced
Platform: ChartNexus
Trading: Stocks, Commodities, Futures
Posts: 1,802 since Feb 2012
Thanks Given: 3,658
Thanks Received: 3,097
Now take a breather.
Review.
Meditate.
Then come back.
(against what Mike Bellafiore wrote: You don't take One Good Trade and then take a nap, you take One Good Trade then move on to take another One Good Trade)
Here is the completed trade:
Original Post Date/Time: 28 Feb 2013 1010 IST
iqgod
Mumbai, India
Legendary Market Wizard
Experience: Advanced
Platform: ChartNexus
Trading: Stocks, Commodities, Futures
Posts: 1,802 since Feb 2012
Thanks Given: 3,658
Thanks Received: 3,097
Note to myself: My each attempt at a swing trade is turning into a scalp. Holding is sacred. I myself had written - Trading is comfort with the feeling of loss, pain, uncertainty, rejection. Why am I running into issues? Meditate.
Original Post Date/Time: 28 Feb 2013 1015 IST
iqgod
Mumbai, India
Legendary Market Wizard
Experience: Advanced
Platform: ChartNexus
Trading: Stocks, Commodities, Futures
Posts: 1,802 since Feb 2012
Thanks Given: 3,658
Thanks Received: 3,097
Today is a big day for the Indian markets.
It is the presentation of the Union Budget - these are usually volatile sessions.