Yesterday due to high vola SL was hit often which made me to exit and re enter every trade. Traded only Bank Nifty yesterday and ended in Loss of INR 1200 per lot. Including brokerage it was Rs.2000 due to more no of trades.
With back tested result it is proven that when you do Intraday trading with NR7 setup, we need to accept the minimum losses and ride the trades which provides maximum break out. Like the one on Monday.
Today gonna split my trade with 3 stocks and Silver commodity.
Axis Bank (NR7 Range - 26.8 which is 70% lesser than 7 days average range 38)
JSW Steel (NR7 Range - 12.75 which is 66% lesser than 7 days average range 19)
UltraTech (NR7 Range - 22 which is 52% lesser than 7 days average range 42)
So expecting a good breakout today on above mentioned stocks. Moreover JSWSteel also falls under weekly NR7. If it falls further, then higher downside expected.
A fantastic session today whoever played with Bank Nifty would have reaped great profits. Unfortunately I missed it, however tried the below trade and made 15% returns.
:thumb::thumb::thumb::thumb::thumb:
Entered Axis Bank @ 1477 after NR7 HIGH was triggered and Exited @ 1507.
Entered M&M @ 664 after NR7 HIGH was triggered and Exited @ 690
Entered UltraTech @ 1982 but due to very lesser volumes exited @ 1981 after 15 minutes and reinvested it in Axis Bank since it was already running on Profits.
Also Shorted silver as well and keeping it on hold with trailing Stop Loss.
The Trailing stop loss that i followed today-
After initial stop loss as NR7 low, once the trade moved into profits, I always draw Fibonacci line and will use 85.4% retracement line as Trailing Stop Loss.
It really helped me to be on trade till 3PM.
Exited all trades around 3PM with 15% returns since the Trailing Stop Loss triggered for both Axis and M&M.
