Thread by @ProdigalTrader

I will describe a small personal story with analysis and trading on IRCTC

Here is the IRCTC chart with few numbers are marked in it. I will walk u through the analytical and psychological aspects behind it, point by point.

1/13

1

Strong uptrend
Pattern is under formation
Let me wait for the completion of the pattern
i will go long here

2/13

2.

Pattern formed completely
next day a red bar formed with low volume, i thought supply is less
good to go long next day, if today high is broke out.
Next day, previous high broke out with good volume
Perfect to go long at 2767

3/13

But mean while nifty made a red bar with high volume
and on next day gree bar cam with poor volume
Very bad sign in market,
I thought its going to be weak.

Let me wait on IRCTC so that i may get it at cheaper rates

4/13

3

next day again up day in IRCTC with very low volume
I thought it will come down so that i can get it at better rates

But what followed was horrible
next 2 days furious uptrend with O=L on each day

5/13

Price was so up in so less time so that it was already too far up and did not get any long trade in it

I was so so disappointed here to miss out such a great opportunity

6/13

4

May be good chance here to go long
But red bar have strong volume while the green bar followed have much lesser volume
already price is too far up and volume looking fizzles out
Better not to enter here, might be a trap

7/13

5

Once again i was proven totally wrong and price just rocketed up without me having any long trades in it

Think about the agony an pain i would have to go through. No shame in admitting, i was nearly broken to miss out here

8/13

Yet, my point is
i nvr went to chase the stocks & never tried to catch a running train

Instead kept watching it & sticked to my policy to catch something cheap. Discipline is what I replied upon even when i was proven very wrong and proven to be very very costly as well

9/13

6.

Pattern is under formation again
Having learned all the lessons in recent past, i knew, it wont stay sideways for long
I was waiting for the first opportunity which came with a strong green bar with good volume

10/13

3835 - 4650
815 points
exit alert

My point is
Never deviate from ur approach and strategy based on one missed opportunity
Ur method is proven right over many stocks and for last many years
Sticking to it is the patience and discipline one must have

11/13

If u want to deviate from ur approach,then there must be enough evidence based on data that its no long effective
U cant hip hop based on swinging emotions which comes out of lost causes or missed opportunities

12/13

Its no shame to be disappointed and to be proven wrong. But always be careful not to influence that in ur trading decisions

Cheers
Best wishes

13/13