Trading with a sting
- Thread starter Scorpion King
- Start date
I was tracking TATASTEEL, TATAMOTORS and DLF today. Took only one trade in TATAMOTORS. After this trade I could not track any other stocks, as I stay focused to TATAMOTORS chart.
Shorted below 1st 5 min bar's low at 411. Stop loss was placed at 415. Price went up a little with falling volume, and then donw-trend resumed. The falling trend line, and 4 touching of trend-line with tail projection showed the down-trend continuation.
At 1:45 PM price took out the day's low. Exited half of my short position at new low at 409. Exited the rest at 2:05 PM when break-out failed at day's low.
Average exit price = 409.40. Total shares bought was 20. Net profit for the day = 32 rupees
To be precise, my starting capital was 20,400.00
Current capital = 20432.00
Warm Regards
Scorpion King
Shorted below 1st 5 min bar's low at 411. Stop loss was placed at 415. Price went up a little with falling volume, and then donw-trend resumed. The falling trend line, and 4 touching of trend-line with tail projection showed the down-trend continuation.
At 1:45 PM price took out the day's low. Exited half of my short position at new low at 409. Exited the rest at 2:05 PM when break-out failed at day's low.
Average exit price = 409.40. Total shares bought was 20. Net profit for the day = 32 rupees
To be precise, my starting capital was 20,400.00
Current capital = 20432.00
Warm Regards
Scorpion King
I did only 2 trades today, Both are short trades in TATASTEEL and HINDALCO.
HINDALCO
IN Hindalco shorted 90 shares at 119.6, Avg. Exit price 117.5. Net gain = 2.1 points, that is = 189 rupees
TATASTEEL
Shorted 30 shares TATASTEEL at 356.25, with an average buying price at 348.5. Net profit made = 232 rupees.
BANKBARODA
Bankbaorda also had given a short signal, but could not pick it, as I was already short in TATASTEEL and HINDALCO.
It was an awesome day, both the trades ended in good profit. Net gain for the day = 421 rupees
HINDALCO
IN Hindalco shorted 90 shares at 119.6, Avg. Exit price 117.5. Net gain = 2.1 points, that is = 189 rupees
TATASTEEL
Shorted 30 shares TATASTEEL at 356.25, with an average buying price at 348.5. Net profit made = 232 rupees.
BANKBARODA
Bankbaorda also had given a short signal, but could not pick it, as I was already short in TATASTEEL and HINDALCO.
It was an awesome day, both the trades ended in good profit. Net gain for the day = 421 rupees
Dear Abhi,
TATAMOTORS was a little volatile today with making ups and downs in a range. Even the early long reversed around 9:45 AM with testing the day's low at 10:45.
I am taking my trades in size with multiples of 3. I exit 1st 1/3rd at a fixed target to bank some profit and this decreases my risk involved in the trades. After first 30 minutes the intraday trend for the day is almost established for most of the stocks, So i try to stay in the trade as long as the trend suits my trade direction. I draw trend line and horizontal support/resistance line in chart to watch price behaviour. 2nd Exit is done in any wide range, high volume bar OR at support/resistance break, because it attracts fresh trader.
The I trail my last 3rd position as long as the trend line is not broken. All the open position should be closed when the trend is no more present. And also after the entry If the reason for entry is no longer seen in the chart, then close the position immediately.
These are the exit rules given to me by my friend. On friday I scratched my position in DLF which went on rallying and I missed my profit. That happened because I had a loss on previous session. This weekend me and my friend analysed my trades and I am trying to follow the rules from this week.
TATAMOTORS was a little volatile today with making ups and downs in a range. Even the early long reversed around 9:45 AM with testing the day's low at 10:45.
I am taking my trades in size with multiples of 3. I exit 1st 1/3rd at a fixed target to bank some profit and this decreases my risk involved in the trades. After first 30 minutes the intraday trend for the day is almost established for most of the stocks, So i try to stay in the trade as long as the trend suits my trade direction. I draw trend line and horizontal support/resistance line in chart to watch price behaviour. 2nd Exit is done in any wide range, high volume bar OR at support/resistance break, because it attracts fresh trader.
The I trail my last 3rd position as long as the trend line is not broken. All the open position should be closed when the trend is no more present. And also after the entry If the reason for entry is no longer seen in the chart, then close the position immediately.
These are the exit rules given to me by my friend. On friday I scratched my position in DLF which went on rallying and I missed my profit. That happened because I had a loss on previous session. This weekend me and my friend analysed my trades and I am trying to follow the rules from this week.
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