So the 2.5week low came and went by. So what we are seeing right now is intense upside pressure. I could have traded this much better in hindsight but I have to deal with things as it is right now. Frankly when talking from a trading perspective, we need to always go with our gut. But once a wrong decision is made, its tough to backout to the right trade.
Frankly, the last 2 weeks before this one were probably one of the best in my trading life. But last week was bad. The point is that I had the tools but chose not to trade according to that.
Most websites like mine will say they knocked the ball out for sixer..they will rarely tell you that they made a booger trade. But I am saying that past few days, I did that...Could have done much much better.But hindsight is always 20/20. I dont believe in that. So that last/this week was bad - I ll say - but still its just 30% of the profits I made couple of weeks before that.
I am not superhuman..just plain human like you guys..so a loss is a loss. Need to deal with it. Above 5050 yesterday, I stopped out lot of shorts. but still have quite a few. So need to deal with it today.
Its also the RBI day. And I frankly think the news will be a non event unless these guys do something very very extreme. Right now its 25bps or nothing. I think either of these and market expecting this..so its likely to consolidate. If they cut..which I think is unlikely, we might have a spike out!
Ok coming to price levels. 5180-5200. This should be stops for shorts. Above this, it can go much higher. But it will still fail later. But we need to respect it. We shall see how things turn out today.
Best,
Lee
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4 comments:
Lee,
I like your honesty. Last week was not also good for me, but fortunately I entered into long at 5025, before making 3/4 SL trade due to volatility. It could not agree more to your statement "we need to always go with our gut. But once a wrong decision is made, its tough to backout to the right trade."
Thanks for the good work that you are doing. If possible over the weekend do share with us your view on Dow.
Best Regards.
i think if rbi doesnt increase beyond 25bps we will rally my volatility indicator suggests positive divergence in some bank stocks... but upside may not cross 5300
Wow. I have been reading your post for sometime now. Rare to see people admitting honestly. Great spirit Lee.
Dear, you are hitting bulls eye and am sure will continue to do so. I am playing only for nov low now rather than intra day. Hope to end year with good profit just by reading your blog.
I am a fan of yours now.
Lee,
There are very few traders who accep their losses. For them every trade is a wining trade.
I like your spirit. Keep it up.
Cheers!!
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