I can describe today’s Alpha Trade Journal in just one line:
Axis Bank nearly opened at 665 and closed nearly at 665, but I made almost 40 rs in between.
This is exactly how today was – the day of perfection.
I took 3 trades today – 2 long & 1 short
Axis Bank – Bought at 665, SL hit at 664, high made 669
665 was a pivot level, and I jumped on to long side of the trade the moment I saw price crossing 665. Stock went all the way to 669 but came down fast. My initial stop-loss was at 661, but I exited out of the position at 664 with a loss of 1 INR.
Axis Bank – Shorted at 663.55 and covered at 646.88
Why I took this trade? – Pivot levels. That is it. It was an amazing trade – steady & one directional.
Axis Bank – Bought at 647 and sold at 665
I had plotted monthly & weekly levels long ago and that came in handy today. I knew 644 was the reversal level and in fact I’d have loved to add Axis in my PF had I been looking for an investment. Stock fell to 640 in a freak low but immediately started trading above 644. I went long the moment I saw huge buying from lower levels and got in at 647.
651 was resistance and so was 659.5 on intra-day 5 min. time frame. Not only Axis took these resistances out, it closed at 663, with high made nearly 667.
To sum up, Axis Bank opened at 665, closed nearly at 665, but I made 40 Rs in between.
The level of perfection of trading levels & execution is something that we traders yearn for. Today was one such day when you should feel proud of your work.
One advice to new traders – Trade to validate your setup & methods, not to make money. If you focus too much on making money, you will definitely end up in loss. But if you focus on setup & execution, money will definitely come.
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