Nothing. you did nothing wrong.
After all technical analysis the chances are still 50/50.
Good luck.
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Intraday is a b****. It’s not for a beginner unless one has steely nerve, machine-like discipline and a very deep pocket. Stop it and try normal CnC till you are consistently profitable. Then start with a mix, e.g., 20% fund intraday and 80% CnC.
A wise man once said we use too many indicators. He recommended - hold your breath - ONE indicator or max two. But I’m comfortable with about four, which may be a bit too many.
You’ll be surprised to know that too many indicators produce an overall loss as you’ll be stopped from taking many juicy trades. I tested this theory in Zerodha back tests and it’s true. The purer I make it, the more lossy it becomes.
Supports/Resistances/Pivot Points are unthinkably important. Always respect them, particularly in higher time frames. I will like to add EMA 200, which is a strong support/resistance.
Check this out in your charts:
Supertrend 21,4 (suggested by Mr. Indrajit Mukherjee), a daily chart, Heiken-Ashi, Stochastics 14, and get in at the first bar when SuperT is starting. Consult 1 min chart to fix the exact time of entry. Stoch should not be pitted against.
Tell us what you think.
Good luck!!!
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Thank you all, who have taken out time to reply and share their perspective. I have learnt a lot from your replies.
I was into swing and not an intraday trade. Moreover I realised that I have a lot more to learn before jumping the gun and start trading. Need to test my strategy and paper trade for sometime + back test to get comfortable.
So am learning from all your answers and also have gone back to learn this subject better before I blow up money.
You check the chart once again. When you entered at Rs 1500 RSI was at its peak and if you had RSI indicator it fell down from the peak which is quite obvious. You can use RSI indicator with settings overbought at 60 and oversold at 40 which will give correct time for buy. Further you can add super trend indicator which will show buy/sell signal. Over and above to all proper stop loss is a must to save from loss.
emotions are a big deal in trading and they impact all our trading decisions. when we enter a trade, to risk management, trade management, dealing with drawdowns during a trade, and exiting trades. Thus, the first thing you need to do is to make sure that emotions are influencing your trading decisions as little as possible. This is far more important than the question of which pattern or indicator to use.