BANKNIFTY INTRADAY CHART 23-04-20

The day started on a weak note and IRH was formed around PDH indicating probable sellers. What followed was an up move on low momentum with deep pullbacks. Post noon there was some momentum without a trend . BNF moved both sides with bias towards the upside. After a highly volatile day yesterday, a low momentum trade plays high on the mindset of traders. It’s very important for trader to understand volatility.

  1. Short Trend trade – Weak open – PDH was held and IRH was near PDH. CPB at IRL/PDH (SL hit)
  2. Long scalp trade – SPB at PDH/IRH
  3. Long trend trade – SPB at PDH/IRH. Covered as BNF lost momentum. BNF went up further.
  4. Short scalp trade – Counter to direction of trend. Covered at BRN.
  5. Short trend trade – CPB at Intraday high. Added second position as price moved in my direction. but price retraced and had to cover it at the second entry.

In hindsight analysis post market hours, all mistakes are clear. Sometimes it feels like I have held the position. Sometimes it feels a trade should not have been taken. But what matters to a trader is decision making at trade time. It will never match up with hindsight analysis because a trader when he takes a position, he is never sure of direction. All he knows is how to manage a trade.

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