Thursday's expiry( 5th sept) highlights

First of all, I am sorry for updating the blog so late as I didn't get much time due to Ganesha festival.

Coming to the last thursday expiry, I was able to make around 1 lakh 33 thousand profit. I had executed some butterfly's on Tuesday and Wednesday which gave good profit. On Thursday morning the markets opened in the green. But the rise was immediately sold into and within 10 min the nifty and banknifty was sold into. Around 9:50 again the bulls took charge and both nifty and banknity started to rally. For me, the trend was not clear so I did not trade till 10 am. I had put AMO(aftermarket orders) which were executed. But the volumes were very very low. So I didn't worry much about that. At 10:30 it looked like we would head higher, but I wanted the day's high to be taken out for me to be bullish. So I just waited. I had decided to go long in nifty futures if the day's high was taken out. But that didn't happen. The markets started collapsing again. Again the trend was not clear. The main point which I would like to highlight here is that wait till you get the right signal. Don't fall trap for false signals. I had not placed even a single trade till 11AM. I was getting nervous that I am missing an opportunity. I wanted to take some trade. This is where trading psychology plays a major role. My brother who was with me was cautioning me and stopping me from taking hasty trade. All thanks to him. That's why having a good community around you makes a major difference in your behaviour. By 11:15, I was able to successfully identify the range which was 27200 and 27050. I even posted that range in my facebook and twitter post. I was pretty much sure that range breakout will definitely give good movement on either side. The option premiums did not provide much confidence in me, so I decided to trade in futures. I added orders in the system to short banknifty futures at 27050 and long banknifty futures at 27200. The short order got executed at 11:35 and the fall were continuous. When the short order got executed, I manually shorted nifty futures at market rate. Banknifty fell around 150 points and nifty around 50points. That was sufficient for me and I closed all my future positions and waited for market to give another opportunity. From then the markets were sideways with banknifty playing in +-100 and nifty playing in +-50. I was expecting some huge move at 3pm which did not happen. There was not much trade left after that. Didn't want to take more risk at this point. So I called it for the day.