Here's a case study of Bharti artl Ltd. share I log to journal articles. Price had been falling for the past few sessions and since yesterday's session price had stalled the fall and was moving up. I had a loss trade yesterday because of my early entry. Taking stock of today's price action, we can see that the price opened Gap up with strong bullish candle near 'r1' pivot. This was a strong indication that bulls were strong in the morning. Please refer the 5-minute chart of the scrip below.
Within 15 minutes into trading price hit 'r2' pivot. But price started coming back to the area where it opened the current session. A pullback buy entry was offered to traders. Scanning the 2-minute chart I was even ready to pull the trigger. But I felt I needed a little lower bargain price.
While waiting for bargain point I drew a trade box. The bargain point didn't come. At his time around, Nifty 50 was affluent with small body candles which created apprehensions about the trade. So, I deferred taking the buy trade though a second opportunity arose a little later. I continued to track the trade box. Because of the sideways price movement I closed the trade box manually at 909.35 for 2 points profit.
In the hindsight, I now feel that I must have continued with my trade probably lessening the risk a little. In the hindsight I also see a triangle pattern formation at the time of my manual close. Lack of focus disallowed me not notice it. There was also a strong bulwark by a confluence area formed by 'S1', 'r1', and 200-MA. This was also another reason I could have used to stay on with the plan.
Though there was lot of volatility in its rise into the beginning of trade, price moved higher and finished the target point of the plan.
Lessons:
Be active and make friendship with price all along during trading session.
Watch, Watch, and Watch charts. Be focused.
Stick to the plan come what may.