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Positional Trades


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Positional Trades

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  #51 (permalink)
4Play
Pune, India
 
 
Posts: 60 since Feb 2016
Thanks: 19 given, 17 received

Greetings All,

Quick Recap
My initial capital of Rs 3,50,000 is currently valued Rs 2,39,000 which is a booked loss of Rs 1,11,000 from the period May 2015 to date (-30 odd %). I plan on adding a further Rs 1,50,000 based on fund availability. After losing a third my principle it is quite obvious that I will not make it to any combine, however the purpose of this journal is maintain a digital record of my work and that as I improve (hopefully) I will constantly analyse my trades, and my behaviour around them.

Personality:
I think it might make more sense if I tell you about myself, since I am largely going to post about a market and its constituents that very few traders here might find of any interest. The idea is that hopefully you can understand the person making the trade and connect better (hopefully!)

Hmm.. OK - so personality weaknesses:
I am borderline obese
An addict to green and nicotine
Have had a history of low self control
Low familiarity with technology

How am I addressing them?
I have started exercising and at least 3 days a week I hit the gym
I have come to terms with my addiction and want to quit nicotine
I don't know what to do about this - so have started with some breathing exercises called Pranayama - form of yoga for the lazy.
No action plan - hoping someday tech will indeed be intuitive

Personality strengths:
Persistence
At ease with charts and numbers

Account balance and strength:
Rs 350K will roughly amount to 5.5K USD. But given the disparity in purchasing power parity - i.e. things are cheaper here in India, an absolute 5.5K will feel more like 15K USD. My account allows me a margin to carry forward 5 lots of Futures. Currently I have used my margin for 3 of them shorting the index by writing call options. Have shorted @ 7740 2 days ago - current SL is 7730 while CMP is 7713.

Action Plan:
This might change.
Trade with 1 future lot only.
Analyze scrips over the weekend. Identify watch list for the week. Trade only those stocks if opportunity allows. The idea of this exercise is that i will not focus on the Target but only the Stop loss value and will rate the trade per stock behaviour for the week. I hope to catch major runs.[/COLOR]

Watch list for the week:

Scrip Direction Status
ARBN L Waiting for oscillators to dip to OS. Bull Cross still pending
BRTI L Almost screen 3 ready
BOSH L Waiting for oscillators to dip to OS
BPCL L Bosh like status - hoping for more correction
GAIL L Almost screen 3 ready
MAHM L Tweezer bottom bull harami - potential reversal but flat - Unsure
TCS L Waiting for oscillators to dip to OS

With the watch list ready tomorrow I will have a look at the longer time frames to calculate pivotal support and stock behaviour. Based on which I will reject some more stocks based on difficulty criteria or conflicting signals.
Conflicting signals could include bearish divergences on weak trending scrips called for long - they will get rejected.

I hope my work seems logical - will always look forward to your support and mentorship time to time.

Regards.

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  #52 (permalink)
4Play
Pune, India
 
 
Posts: 60 since Feb 2016
Thanks: 19 given, 17 received

So of the stocks identified - 4 got short listed
BRTI, BPCL, GAIL and TCS all for long positions.

Off the 4 - 2, BRTI & GAIL, hit out my order immediately after opening.
1 lot each was bought - GAIL after hitting order when on to hit the SL within 10 mins! - I reentered with a SL below day low.

1 lot BRTI bought @ 340.4 with SL 335.55. The risk is Rs 5,920. Position Open
1 lot GAIL bought @ 352.2 with SL 347.8. SL got triggered and booked losses of Rs 6,260. Day low was 347.6. Position closed.
1 lot GAIL reentered @ 350 with SL 347.4. The risk is Rs 3,740. Position open.

14:00 - BRTI trading @ 346 and GAIL @ 349.

I have will try to upload the chart of the position EOD by editing the same post.

------------------------------------------------------
Notes:
As per my new plan I enter with just 1 lot with a entry price and a SL value - No targets. Since I am a discretionary trader there is no fixed ratio of SL and Target - they are a function of what I see on the chart.

The idea is to catch major moves - with stops that are not unnecessarily hit.

Focussing on 1 entry value and a exit value for a day is easier - since I am now in the 2nd month trading stock futures and March was a loss making month for me. I have developed my own method of trailing stops, and the idea of this entire exercise is to limit losses and to hopefully catch a wave that will more than compensate for whipsaws.
-------------------------------------------------------------------------

Contd..

EOD - Uploaded trades of BRTI and GAIL

So as per plan there is no target - just a Trailing SL and both positions are open.

The intra day charts will show a gap up in the middle of the day for BRTI - this was not the case, there was some problem and the site was not uploading live quotes for quite sometime in the middle.

BRTI - 60 Min view



Edited with exit on charts




GAIL - 60 Min View



GAIL - Exit chart



----------------

For tomorrow TCS, one of the stocks identified earlier looks ready for entry trade. Will be working on a plan the stock trading @ tremendous premium.
For tomorrow

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  #53 (permalink)
4Play
Pune, India
 
 
Posts: 60 since Feb 2016
Thanks: 19 given, 17 received


Had a miserable day today.

GAIL hit SL - gap down and booked more than expected loses.
BRTI which was up 3% after point on entry - gap down and hit TSL breaking even.

I am kinda stunned - up trending stocks on daily time frames gap down - both of which I am long in - consequence I shorted the index - and turns out it has fallen by a 1+% - have booked profit on lot 1 - but this was just an impulsive trade as trading the index was not the plan.

I do not know why I keep setting up so many rules, when I dont really follow them.

I try screening stocks for the best setups, according to me, I tend to find them - in hindsight I always find some imperfection.

I feel with so many screeners chances of trading are super skim -
Not thinking straight at the moment - just know that I am feeling terrible

I am worried "What if everything that I am doing is wrong? and worse I just dont know it yet? What if the recovery from 8.8K to 120 K was nothing but a fluke? May be I just got lucky and am patting myself on the back thinking I am some good trader/analyst"

Just self doubt. Loads of it - need help, but dont know with what.

Anyways, the charts for both stocks - I have edited the above post which marked the entry - and will correspond with the exit ... A black line marking SL.

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Last Updated on April 5, 2016


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