Pre NSE Data review of EOD 21.10.2020
Before saying any thing I must say my hypothesis went wrong as Nifty broke 11820.
Such days are really important in traders life, so, would like to explain what I did, may be my write up will be slightly lengthy, but I felt its necessary to explain such an important happening day for those who are following me. As posted on chart and also in my last posts, I was assuming 11820 to remain intact and I started building up longs as explained in the chart, wherein 1st longs were lot of "A", 2nd longs were lot of "B", and final longs were today with a spot stop loss of 11975.
With a trailing stop loss I could manage to end my all positions in profit today. But the worst part is index broke 11820 which was my hypothesis support.
Those who read my post completely, might remember that, I said in my last post that I was expecting a significant candle on 20.10.2020 instead it happened to be non significant one. So, that was the clue I had keeping such a tight trailing stop loss.
Now for the matter of the fact is as 11820 is broken, I will wait for NSE data to come and if at all I have any conclusive theory I will post... accordingly
But point I wanted to highlight is, market runs on opposite biases .....
My mentor always taught me to follow your own hypothesis...
Important ingredients of having a hypothesis.
1.>Having a Directional bias
2.> as each days progresses hypothesis should enable you to trail your stop loss based on where your hypothesis will stand apart
3.> Stay out of Market when hypothesis fails till you understand what is happening
I hope I completely could write I am experiencing....
Such days are really important in traders life, so, would like to explain what I did, may be my write up will be slightly lengthy, but I felt its necessary to explain such an important happening day for those who are following me. As posted on chart and also in my last posts, I was assuming 11820 to remain intact and I started building up longs as explained in the chart, wherein 1st longs were lot of "A", 2nd longs were lot of "B", and final longs were today with a spot stop loss of 11975.
With a trailing stop loss I could manage to end my all positions in profit today. But the worst part is index broke 11820 which was my hypothesis support.
Those who read my post completely, might remember that, I said in my last post that I was expecting a significant candle on 20.10.2020 instead it happened to be non significant one. So, that was the clue I had keeping such a tight trailing stop loss.
Now for the matter of the fact is as 11820 is broken, I will wait for NSE data to come and if at all I have any conclusive theory I will post... accordingly
But point I wanted to highlight is, market runs on opposite biases .....
My mentor always taught me to follow your own hypothesis...
Important ingredients of having a hypothesis.
1.>Having a Directional bias
2.> as each days progresses hypothesis should enable you to trail your stop loss based on where your hypothesis will stand apart
3.> Stay out of Market when hypothesis fails till you understand what is happening
I hope I completely could write I am experiencing....
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