Since morning I am practising Price action bias strategy. Below is the link for definitions. After backtesting 1 year's worth of data, I noticed that all stocks no matter what, they all go hand in hand with the index Nifty. So after losing 1 trade in the morning I observed that the Nifty was in a downtrend and I took a long call for an individual stock. After that I took a long call whenever Nifty bias changed from trading range to trend. All four stocks that I played out of this strategy with the index direction were in the green. Another point worth mentioning was that today was
a wild swing day and need to have more sample size to affirm that the strategy is profitable.
I am finding swinging and scaling out difficult so continuing with 1:1 risk/reward ratio. I will try scaling once I am well versed with this method.
http://www.trading-strategies.info/node/17
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