Technical Analysis - Practice trades

[mindgames]

Trade 28

Stock: ITC
Buy: 356 on 6 June 2016
Sell: 352.4 on 24 June 2016
Holding period: 18 days
Trade reason: Breakout pullback

Comments
1. Exited on Brexit day, due to poor price action during the day - this could be due to bad mental state.
2. Alternate view could have been to hold as stock was well above stop loss.

 

[mindgames]

Trade 29

Stock: VEDL
Buy: 119.7 on 15 June 2016
Sell: 115.5 on 24 June 2016
Holding period: 9 days
Trade reason: Breakout pullback

Comments
1. Not a clear b/out over resistance line. Entered at previous resistance taken and retested by past 2-3 candles. Also, decent volumes on b/out bar.
2. Started rising almost immediately after purchase. As a result could not make full entry.
3. Partial exit could have been done at 128-129 levels - waited for 130 instead. But this could be argued otherwise as well.

 

[mindgames]

Trade 30

Stock: TRIVENI ENGG
Buy: 59.4 on 16/17 June 2016
Sell: 58 on 24 June 2016
Holding period: 8/7 days
Trade reason: Breakout pullback

Comments
1. Better entry mechanism to be adopted. Started buying on fall from highs after breakout - need to figure out better strategy for entry.

 

[mindgames]

Trades 31, 32 & 33

Stocks: IDBI, TATAGLOBAL, JSWENERGY

Buy:
IDBI: 70 on 16 June 2016
TATAGLOBAL: 125.8 on 16 June 2016
JSWENERGY: 80.45 on 22 June 2016

Sell:
IDBI: 64.1 on 24 June 2016
TATAGLOBAL: 118 on 24 June 2016
JSWENERGY: 77 on 24 June 2016

Holding period: 8, 2 days
Trade reason: Ichimoku / Breakout pullback

Comments
1. All exited on Brexit day. All of them closed much stronger than exit price.
2. Better entry strategy to be figured out for buying on pullback.

 

[mindgames]

Trade 34

Stock: TATAPOWER
Buy: Average of 73.8 across 17, 21 & 22 June 2016
Sell: 71 on 24 June 2016
Holding period: 2-7 days
Trade reason: In consolidation after breakout

Comments
1. Better buying strategy to be adopted as stock bought on fall from resistance.
2. Exit on Brexit day - closed stronger than sale price.

 

[mindgames]

Trade 35

Stock: WELSPUN
Buy: Average of 108.35 across 17, 20 & 23 June 2016
Sell: 101.2 on 24 June 2016
Holding period: 1-7 days
Trade reason: Pullback after breakout

Comments
1. Better buying strategy to be adopted as stock bought on fall from resistance.
2. Exit on Brexit day - closed stronger than sale price.

 

[mindgames]

Bad day today - not because of losses but because I broke my rules. Some mistakes were avoidable while others were unpardonable.

Trade 36, 37 & 38

Stocks: NIFTYFUT, ITC CE, TATAMOTORS CE
Holding period: Intraday
Trade reason: Revenge / Over-trading.

Comments
1. Broke rules - revenge trading, over-trading, no stop loss.
2. Need to work a lot on discipline and emotional aspects.

 

[mindgames]

Trade 39

Stock: BPCL
Buy: 1006.3 on 16 Jun 2016, 1008 on 22 Jun 2016
Sell: 1042 on 27 June 2016
Holding period: 5,11 days
Trade reason: Ichimoku / Breakout and pullback

Comments
1. Did not enter full position as there was no retracement as per expectation.
2. Exit on DMI divergence, coinciding with upper TL of channel.

 

[mindgames]

TCS 1 min

Side note:
1/ On daily chart, TCS broke down and closed below support yesterday. Therefore, bias should have been on the short side.
2/ Volatile swings until 10, stabilized by 10:30.
3/ Until 11, seemed like going long could also be considered as price action was bullish after initial fall.
3/ Reversal @ 2500 levels was y'day's consolidation area.
4/ Whenever there was breakout from UC (prevailing at that point), there was failure at resistance line (prevailing at that point).

 

[mindgames]

Performance Analysis

Period: 1 January 2016 to 30 June 2016
Total no. of trades: 45 (one still running)
No. of winners: 16 (one still running)
Winning %: ~33% (excluding charges)
Overall position: Profit (including profitable running trade, charges)

Areas for improvement
01. Avoid / exit positions before important events - Budget, Results, Brexit etc. [MINDTREE, HCL, WIPRO, ALL BREXIT POSITIONS]
02. Must stick to stop losses - 100% adherence must. [INTRADAY TRADES ON BREXIT DAY]
03. If trade is taken and stock crashes before delivery, exit as T1 holding - must trade only very liquid stocks. [MINDTREE]
04. Be very careful with order placement - EXIT IMMEDIATELY if wrong order is placed. [MARUTI]
05. Set SL below correct swing High/Low. Keep tricky bars in mind. SL to be maintained on closing basis, except instances of market crash. [BATAINDIA,AXISBANK,LT]
06. There must be compelling reason reason for entry - must not act on the basis of gut feeling. [COALINDIA Gap down, ADANIPOWER, THOMASCOOK, CIPLA]
07. If a trade meets set-up criteria but has weak bars, wait for better entry time. [INFRATEL]
08. If and when you get a spike in your favour, protect profits or at-least cover partially. [DCBBANK, ZEEL]
09. Avoid lazy trade management and complacency. Exit part 1 strictly at 1st resistance. Look to move SL to break-even after decent move. [GAIL, HDFC, ZEEL, DCBBANK]
10. Leave some profits for others. Don't be greedy for every last bit of profit. [VEDL, JETAIRWAYS, ARVIND]
11. Better entry mechanism to be adopted in the case of breakout pullback. [LT, WELSPUN, TATAPOWER]
12. Position sizing to be followed strictly - 100% compliance must. Do not trade what you cannot handle [INTRADAY TRADES - TATAMOTORS, ITC, NIFTYFUT]
13. Avoid revenge-trading and over-trading [INTRADAY TRADES - MARUTI,TATAMOTORS, ITC, NIFTYFUT]
14. Work on emotional discipline.
15. Improve chart reading.
16. Maintain better records.