Wrong entry in asian paints caused loss of 47.55k
Mistakes:
1. I entered at the breakout candle of the green box.
Solution - should entered, after price crosses the high of breakout candle.(which never happened)
2. I should have exited the stock earlier.
Solution - I entered in a breakout candle but, as soon as the price goes below that candle, i am supposed to exit the trade.
3. Wrong timeframe.
Solution - For futures entry, we should not use daily time frame, 1H and 15 min is right time frame because, in daily time frame movement of 3-4% is not a big task but, with huge quantity of futures, we are not supposed to enter or stay in trade.
10 candles of consolidation in 1D timeframe takes approx 2weeks of patients, which is not always required
1. I entered at the breakout candle of the green box.
Solution - should entered, after price crosses the high of breakout candle.(which never happened)
2. I should have exited the stock earlier.
Solution - I entered in a breakout candle but, as soon as the price goes below that candle, i am supposed to exit the trade.
3. Wrong timeframe.
Solution - For futures entry, we should not use daily time frame, 1H and 15 min is right time frame because, in daily time frame movement of 3-4% is not a big task but, with huge quantity of futures, we are not supposed to enter or stay in trade.
10 candles of consolidation in 1D timeframe takes approx 2weeks of patients, which is not always required