Hello. I log here an account of loss trade that occurred mainly because of tight stop. Below is a 5-minute chart of Axis Bank scrip for our reference. This morning price opened with a green candle near 675 minor supply zone from yesterday's session. I have marked it using a horizontal box.
Second candle hung down from weekly pivot 'P'. 3r and 4th candle formed a beautiful bullish set up. But hurdles ahead were pivot 'P' and previous day High. Eventually, price fell below that hammer. I was waiting for pullback to go short. Price gave pullback. I entered little early. I had tight stop loss in place. Price took off stop in 3-legged pullback.
In the hindsight, I feel I must have entered 1 or 2 points higher that fell in the box. Price did give a nice fall down hitting the targeted plan. I didn't enter again.
After this loss, I continued to watch price action. At 2:00 P.M. a nice pullback buy opportunity manifested. I wasn't ready for this as well.