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Trade without confirmation...!


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Trade without confirmation...!

  #11 (permalink)
linkon7
India
 
Posts: 73 since Sep 2010
Thanks Given: 52
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linkon7 View Post

first trade of the day :

Buy reliance march 8400 call @ 36.20
exit strategy : short futures at 830.85 on spot
tgt 854

Remark : Don't want to scalp this as the counter is not very liquid. Have to hold this for few days. Could have gone long for the futures contract and play for a scalp but decided to give it room with minimum damage to over night position.



clear trend says a bar high below 838.95 is good reason to exit position also....

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  #12 (permalink)
linkon7
India
 
Posts: 73 since Sep 2010
Thanks Given: 52
Thanks Received: 60



trade 2

buy 5500 straddle for total of 44 (24+20)
target : 60

remark : Expiry days normally produce a 60+ move. the HOD is 5520, LOD is 5480, giving room for another 20-25 point move from the extreme. It should be enough o give me my target. LOD made on 5500 call is 16.70 while 5500 put has made LOD of 16.75. Stoploss of 15 on both leg should give a room for 45 points tgt on the winning leg...

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  #13 (permalink)
linkon7
India
 
Posts: 73 since Sep 2010
Thanks Given: 52
Thanks Received: 60



linkon7 View Post

trade 2

buy 5500 straddle for total of 44 (24+20)
target : 60

remark : Expiry days normally produce a 60+ move. the HOD is 5520, LOD is 5480, giving room for another 20-25 point move from the extreme. It should be enough o give me my target. LOD made on 5500 call is 16.70 while 5500 put has made LOD of 16.75. Stoploss of 15 on both leg should give a room for 45 points tgt on the winning leg...

total now trading at 42...

modified sl at 12.05 for each leg...

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  #14 (permalink)
linkon7
India
 
Posts: 73 since Sep 2010
Thanks Given: 52
Thanks Received: 60


linkon7 View Post

first trade of the day :

Buy reliance march 8400 call @ 36.20
exit strategy : short futures at 830.85 on spot
tgt 854

need to secure some profit for this trade... exited half @ 39.95

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  #15 (permalink)
linkon7
India
 
Posts: 73 since Sep 2010
Thanks Given: 52
Thanks Received: 60


linkon7 View Post
total now trading at 42...

modified sl at 12.05 for each leg...

still no directional conviction in either direction....

total now stand at 41

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  #16 (permalink)
linkon7
India
 
Posts: 73 since Sep 2010
Thanks Given: 52
Thanks Received: 60


linkon7 View Post
still no directional conviction in either direction....

total now stand at 41



total now at 42...

nifty at key support level... break of this gives tgt of 5452-5393

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  #17 (permalink)
linkon7
India
 
Posts: 73 since Sep 2010
Thanks Given: 52
Thanks Received: 60

this drifting action towards key level saw demand at key level...

trend remains down.. conviction on down side remains low...! not a good sign for my long straddle... good news is..both legs are intact... modifying sl might prove to be a disaster also... but options will hit LOD before UL and it did...!

another 3 and a half hour to go...!

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  #18 (permalink)
linkon7
India
 
Posts: 73 since Sep 2010
Thanks Given: 52
Thanks Received: 60



projected tgt hit on spot...
5461

sl hit on 5500 call at 12.05
exited 5500 put at 38.00

total = 50... net gain of 6-1 - 5 points...

day over....!

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  #19 (permalink)
linkon7
India
 
Posts: 73 since Sep 2010
Thanks Given: 52
Thanks Received: 60


https://www.exness.com/monitor/trial_account/310470
practice account...!
EURJPY almost near tgt...


time for exiting....

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  #20 (permalink)
linkon7
India
 
Posts: 73 since Sep 2010
Thanks Given: 52
Thanks Received: 60


I won't be trading tomorrow... so a summary of the week gone by is in order. So far, 23 trades done, 2 hit stop loss, 6 were scratch trades and 14 hit target or gave decent exits, 1 trade is still open and is in m2m profit.

Execution were good in most trades. Area to ponder is the trend definition by guppy's clear trend method. Concept appears interesting. Will have to do some back testing and keep it on active watch for next week.

The 5500 straddle trade went picture perfect. There was room for huge mess up if i didn't exit the put at 38. Next time t\have to remind myself to trail the open leg at breakeven. We went to break the HOD and the trade would be scary.

The reliance trade was better done with futures instead of options. Weekend decay will eat away some profit and holding longs on a market retracing from 7 month high was not so good idea to begin with. Could have exited the other half with decent profit and there was plenty of time and incentive to close trade at 849...! giving back profit is a criminal offense and sometimes market will pick pocket of the careless....!

Overall, it was a satisfactory week.

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Last Updated on February 23, 2012


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