Monday's Trade in OFSS

Some of my notes regarding my trading on Monday 12thOctober

1. I had a Nifty Short position carried over the weekend on the premise of weakening breadth and sectoral weakness. My stop loss was hit at 4970 which is around friday's ATP
2. I had entertained a view of strong market above 5020 which is PDH
3. Breadth measure ( A-D) were strong from the open.
4. I had entered an impulsive trade in the open seeing softness in OFSS at 2090 . My execution is poor as I had to put my trades through phone . Opening session speed and volatility need to be taken care where slippage is hurting me.
5. Stopped out at 2150. Saving grace is only one fourth of my trade size. OFSS hit a day high of 2198. Seeing the broad market strength I hesitated to take a trade till 12 am.
   
6. OFSS continued to slowdown and traded below ATP around 1255. My idea here is that stock made a high for the day and showing that it cannot make a higher high. Naive contrarian traders ( Me included) trying to sell previousday's 7% move were squeezed out.
7. This morning high can give a reasonable stop and typically market makes Dayhigh / low in the first hour and highs or lows made in the afternoon tend to sustain in the last hour in the same direction on an average.
8. As the Vol of the stock is high ( High-Low range of 110 or 5%) I had kept a SL of 2165. Entertaining the idea that ATP should not be taken out and Volumes were high only in the morning.
9. Seeing the stock's softness relative to Nifty arond 1.30 added to my position. Further added after stock retraced to 2i44 from short swing upto 2160.
10. Overall the afternoon trade exploited stock's divergence from Nifty. Closed the position around 2120. As it is my full position I could bring it to breakeven.
11. Moral of the story is I should avoid fading against the Intraday trend.