Trend Continuation Trade

Long Nickel

Big Picture

• MCX Nickel is above its weekly and monthly pivots and it is showing relative strength in comparison to base metals and MCX Metal Index

• MCX Nickel current condition is volatile up

• Daily 14 day volatility is greater than 20 day volatility average & 250 day weighted average which means the current environment has above average volatility and with ADX below 25

Intraday Fundamentals

• The cancelled warrants for the commodity increased by 2% from 123,870 MT to 125,934 MT on a daily basis . We feel that the increase in the cancelled warrants for the commodity might support the commodity to trade higher during the day. – Investing.com

Technical Analysis

• Multiple timeframes of indicators I track aligned

• 963.9 was an inflexion level , which was also a 1 month high.

• Momentum trades are suited for this market as it is undergoing volatility expansion.

Trade Management

• Bid at 968 with a stop below 965.8

• Hit the bids at 969.4 few minutes before the closing of the trading session as prices missed my target by 2 ticks.

Intuition

• NO

Review

• I was calm in executing this trade. • I did not chase the price and I provided liquidity in the markets by bidding at 968.1 • I slammed the bids at 969.4 few minutes before the close of the session to protect

open P$l • Market did not reach my target levels today and missed by few ticks many times. • I waited for the trade to unfold with patience. • I could have exited at 971 with the logic that market is about to close in less than 5

minutes. I was late and traders who were positioned same as me would be booking their open p$l and just as I was thinking about it they jammed everybody with the bids and I had to hit out to protect my open p$l.

• I should have initiated a intraday swing trade at 959 since multiple timeframe had aligned.

• I did not exploit chances to leverage my position 2 times when market tipped its hand by becoming oversold in my timeframes trend.

• In terms of risk management everything was spot on. In fact trading was on conservative side today.

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