23/04/2020
BANKNIFTY INTRADAY CHART 23-04-20
The day started on weak note and IRH was formed around PDH indicating probable sellers. What followed was an upmove on low momentum with deep pullbacks. Post noon session there was some momentum without a trend . BNF moved both sides with bais towards the upside. After a highly volatile day yesterday, a low momentum trade plays high on the mind set of traders. Its very important for trader to understand volatility.
Short Trend trade – Weak open – PDH was held and IRH was near PDH. CPB at IRL/PDH (SL hit)
Long scalp trade – SPB at PDH/IRH
Long trend trade – SPB at PDH/IRH. Covered as BNF lost momentum. BNF went up further.
Short scalp trade – Counter to direction of trend. Covered at BRN.
Short trend trade – CPB at Intraday high. Added second position as price moved in my direction. but price retraced and had to cover at second entry.
In hindsight analysis post market hours, all mistakes are clear. Sometimes it feels to have held to the position. Sometimes it feels a trade should not have been taken. But what matter 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 on direction. All he knows is how to manage a trade.
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