30-11-16

• Took 2 trades. 1 Scratched and another with gain.

Two Wings of Price Action Trading

For a bird to fly, both the wings are equally important. Similarly for a trader to succeed, especially for a Price action trader, he also need two wings.

1. Knowledge about setups

The first wing is knowledge about patterns or setups. This is very important to identify a proper location to enter into a trade. But it is not sufficient, we cannot able to successfully trade only with setups. Like a bird cannot fly with one wing. During starting of my trading, sometimes even now, I was trying to fly with one wing. That is entering into the trade only based on setup. But most of the time i used to fall.

Then I realized the importance of the second wing. So the other wing of trading is understanding what market is doing.

2. Understanding market flow

Understanding what market is doing is very critical. This is all about establishing the market bias (Long, short or range) in our mind and align our trade strategy with that bias.  This process will be starting even before the market begins. Based on previous days market we have to establish big picture and based on that we need to establish the bias.

But here also I faced one danger. The bias, which we established in our mind should be as dynamic as possible. This is where the concentration plays very important. Market will punish us, if we are not able to concentrate and update our bias based on the clues what market gives.

But to master this, I need lot of practice and screen time. Basically i am in the process of establishing that. Hope to establish this before my exhaust. Please update me if my perception is wrong.

28-11-06

• 2 trades. 1 scratched 1 with some gain
• Around 1.30 pm missed BPB of RL. Because of this, greed entered into my mind. Because of which, I took a wrong trade without valid setup. then realised and scrached.
• Second trade gave some gain.
• I should not be carried away by past result. Always have to keep the mind clean.

25-11-16

• Took 2 trades, Both SL hit.
• Seems to be trending day, but missed to identify. So punished.
• Need to concentrate more, and continuous update of thought process based on what market is doing.

24-11-16

• Took 2 trades . both went well.
• But trade management part, I have to improve. 
• In the second trade I could have exited if i noticed RN and expiry day
• The fear of failure is there which, affecting the effective trade management. Systematically I have to work on that.

22-11-16

• Took 2 trades, which gave some benefit
• Need to build confidence, in entering the trade at correct time.

21-11-16

• Took 2 trades, both scratched.
• After some failures, there was some reluctant to enter into trade. I think the fear of failure was building up. Need to consciously manage that aspect.
• BOF of RH was missed because of this. Finally entered at break out of range which ended with scratch trade.
• Feeling the importance of screen time.