It was known to be a gap down day(just dont know how much). Since TISCO was on a rally mode, it is assumed that lots of buys were in place. It will drift down a bit initally.
The gap down will trigger the week hands/retailers to exit. However, since i m bullish (based on the current day chart structure) I should look for buy opportunities.
Execution:
...Day opened ...Perplexed ... confused ...waited for the chart to reveal its range ...
1..Looked like , it hold to 260 levels.. thought of buying...but with confusion I dint go long...then felt relieved when it came down..
2. There was a clear Breakdown of the range. jumped in short @259.6... immediately it started moving up ... lost and booked at level 3 - 261.2 (Loss 1.5 points).Actual SL should be top of the red candle ..but just holding on the loss with hope dint help ...
Immediately after booking loss it started coming down.
Hindsight reading:
Again LOSS would have happened , if entered Short in point 4. Because there also was a deep PullBack.
It looks like a cool easy drift down the whole day... one deep PullBack ... put me off...
When trading ranges, deep pull backs has resulted me such losses...
I dont have a strategy to get rid of this... every system has its own pros & cons... may this is one such negative point in this DP strategy ...
On a trending day like this, feel missed out ... that too booking loss though being on the right side ....
I just read some where
" It is us that goof up. Markets will always keep testing us "
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