#THREAD A text-book example that we can learn many fine points of classical charting and technical analysis. $LAUL.NS #INDIA#SENSEX#NIFTY
1) A well-defined horizontal boundary being tested several times before a breakout or breakdown.
2) Right before the breakdown, a short-term chart pattern (pennant) is forming in preparation for a breakdown. Difficulty to rebound from strong support, early indication of a pending breakdown.
This is not about charts. It is about the frequently read and discussed trading journal and record keeping.
How it can help to overcome your impatience with an ongoing trade and the constant urge to do something about it.
I'm a big believer of setting strategy/tactics and managing trades when markets are closed. I try to avoid making decisions when markets are open. I can't say I have fully mastered it but with today's technology it is becoming easier to resist the temptation to override decisions
How many times you have acted on a breakout, placed stop-losses, had price targets in place but exited much earlier that the plan? Took profits but left a big chunk on the table...