3. • 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
4. 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
6. • 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.
8. • 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.
10. 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.
• I CAN IMPROVE EVERYDAY - Observe , React , Adapt & Evolve
