1 Lakh to 6 Lakh - Tamil Trader Crude Oil Trading Diary
- Thread starter Tamil trader
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As you mentioned...
Trading On 24.02.2013
Previous Close 6359
Day High 6421
Day Low 6345
Closing Price 6400...
But your Trailing stop loss is 6315...
My question was...
1.Why Trailing stop loss not moved to upper..6315-6421=106 points..loosed..
2.Today Profit was booked at 6305,,,,6315-6305=10 points loosed..
3.Today opening onwards downtrend...why keep the position...
This is my doubt sir...kindly clarify...
The answer for first question is:
Yesterday (24.02.2014) high was 6421. But The high on 20.02.2014 is 6437. If the market will move above 6437 yesterday, My trailing stop loss will also move. But yesterday high is 6421 only. It was not able to break 6437. So my trailing stop loss will not move
The answer for second question is:
My SL was 6315. but we should wait for the completion of the candle stick bar. My candle bar closed at 6305 on 7 PM. So i booked at 6305. Most of the times, it will trade near SL but candle bar will not close below SL price. again, market will get immediate reversal. At that time, we can be in the same position without hitting Stop loss.
The answer for third question is:
From today opening onwards... downtrend..
We are not trading intraday. So if the market opens 40 points gap down, we cannot tell that it is the downtrend. My Major trend reversal point is 6315. Until it breaks 6315, The trend was on the bullish side only. If the market is bullish, there is 99 % chance to get the support near 6300 to 6315 levels. But today, after breaking 6315, crude made a low of 6275. So Totally trend was changed
My Conclusion:
As we are trading positionally, most of the times, it has given more than 500 to 800 points per trade also if we follow this system constantly. At every trend reversal, losing of 50 to 100 points is the normal matter. because risk is very low and reward is very high in this system.
Yesterday (24.02.2014) high was 6421. But The high on 20.02.2014 is 6437. If the market will move above 6437 yesterday, My trailing stop loss will also move. But yesterday high is 6421 only. It was not able to break 6437. So my trailing stop loss will not move
The answer for second question is:
My SL was 6315. but we should wait for the completion of the candle stick bar. My candle bar closed at 6305 on 7 PM. So i booked at 6305. Most of the times, it will trade near SL but candle bar will not close below SL price. again, market will get immediate reversal. At that time, we can be in the same position without hitting Stop loss.
The answer for third question is:
From today opening onwards... downtrend..
We are not trading intraday. So if the market opens 40 points gap down, we cannot tell that it is the downtrend. My Major trend reversal point is 6315. Until it breaks 6315, The trend was on the bullish side only. If the market is bullish, there is 99 % chance to get the support near 6300 to 6315 levels. But today, after breaking 6315, crude made a low of 6275. So Totally trend was changed
My Conclusion:
As we are trading positionally, most of the times, it has given more than 500 to 800 points per trade also if we follow this system constantly. At every trend reversal, losing of 50 to 100 points is the normal matter. because risk is very low and reward is very high in this system.
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