Anil ji
Some of question arises in mind seeing your chart, pls reply in your free time
1. You are trading hourly (any specific reason) i.e not daily or not weekly,
2. you keep sl normally 10-20 point away from swing low, how u calculate the points
3. You have booked certain profit at different level why when you have your sl in place
4. Any other open position you have apart from BATa
thanks
Dear Anilji,
1. You are trading hourly (any specific reason) i.e not daily or not weekly,
I had identified hourly strength coming in Bata,while we are about to break trendline resistance on daily running from 22/1/15 peak - 5/8/15 peak...
so with improving Relative strength on hourly, it was assessed it will likely break TL..so we sitted early in the trade and that too on retracement towards 480 where SL is mere 5 point...
Now if i had to catch it on daily, it would have been at 22/3/15 at nearly 500 or so levels...so that breakout again will have SL coming closer to 475...
This was my short term swing trade, i had clear levels since start of the trade to have travel till 575-580 zone...
I am keeping stoploss on daily EOD basis, although i had shown it on hourly here to have clear view...
2. you keep sl normally 10-20 point away from swing low, how u calculate the points
My stoploss is calculated from ATR methodology but some minor twist to it, so that it cant have same levels matching with other SL positions...also sometimes i adjust it manually considering swing points from the chart...
ATR keep account of volatility consideration so its better to trail with it...
3. You have booked certain profit at different level why when you have your sl in place
Yes i had booked at regular intervals just to keep some profit...its very hard to trade without part booking in it...My experience shows me, part booking keep me in the game and it gives much needed emotional strength to stay in trade for longer for rest of positions...
Also if you observed my booking points also acted as short term resistance zones for prices...so it feels happy, that analysis is going as per plan...
4. Any other open position you have apart from BATa
I had many positions open...one of them i replied early is Marico...this is i holding for longer keeping weekly stoploss in consideration...
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Trailing with weekly stoploss requires great sense of patience since that 10-15% fall keep you guessing what is going on...So unless you have some part booking profit in your pocket it is very difficult to trail it on higher timeframes...
Keeping loss positions is easy, but profit positions open actually really put you into pressure and its test real temperament of trader...