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Monday, 30 June 2014
30062014
Nifty opened gap up above PDC and went above PDH
1). Long on BPB of PDH at 7578, SL below 7567, TP around 7618. +40 points.
2). Nifty traded in a channel for some hours.Long on BOF of channel low at 7626, SL below 7620, TP around 7642. +16 points.
Hi, I think now my problem is not trade identification or entry, but managing the SL. Even UR Dave (charttechnicals blog) took these trades and managed similar to yours. I took both of these trades but took profits prematurely (I realize in hindsight). I entered BPB at 7579 but then too profit at 7595. and in the BOF of range low, I entered at 7622 but then too profit at 7628 when market was coming back from range high of 7633. How do you manage your SLs or trade? Once you are at cost, then do you allow deeper pullbacks as well? Can you elaborate your initial and trailing SL in both these trades?
AS i said earlier, i allow first pulback after entry within initial SL. First trade, Initial SL was below 7567,when Nifty closed above BRN at 9:33 am, moved SL below 9:27 bar low at 7591,then below PL 7604, then PL 7612, then below tight range 7618 exited. Second trade, Initial SL below small red candle at 7620, 7633 was minor pivot high before so expect some selling pressure from there but sit tight with small initial SL as we entered on BOF of an extreme for the target of another extreme,so after big candle at 14:45 shift SL 7625, then after new highs SL below 7636, when nifty reached upper channel line, SL below 7642 exited.
I trade with Zerodha. Brokerage is 20 rs per executed order irrespective of trade size, in terms of nifty points if you trade with single lot then around 2 points, if trade with 2 lots then around 1.5 points round trip and stamp duty charges are 50 rs (max cap) per contract note.
Hi,
ReplyDeleteI think now my problem is not trade identification or entry, but managing the SL. Even UR Dave (charttechnicals blog) took these trades and managed similar to yours.
I took both of these trades but took profits prematurely (I realize in hindsight). I entered BPB at 7579 but then too profit at 7595.
and in the BOF of range low, I entered at 7622 but then too profit at 7628 when market was coming back from range high of 7633. How do you manage your SLs or trade? Once you are at cost, then do you allow deeper pullbacks as well? Can you elaborate your initial and trailing SL in both these trades?
Vikram
ReplyDeleteAS i said earlier, i allow first pulback after entry within initial SL.
First trade, Initial SL was below 7567,when Nifty closed above BRN at 9:33 am, moved SL below 9:27 bar low at 7591,then below PL 7604, then PL 7612, then below tight range 7618 exited.
Second trade, Initial SL below small red candle at 7620, 7633 was minor pivot high before so expect some selling pressure from there but sit tight with small initial SL as we entered on BOF of an extreme for the target of another extreme,so after big candle at 14:45 shift SL 7625, then after new highs SL below 7636, when nifty reached upper channel line, SL below 7642 exited.
VKM
Thanks! I will try to manage SL better..
Deletehi
ReplyDeletewhich broker your using and how much is brokerage (in nifty points). and margin your getting?
CM
ReplyDeleteI trade with Zerodha. Brokerage is 20 rs per executed order irrespective of trade size, in terms of nifty points if you trade with single lot then around 2 points, if trade with 2 lots then around 1.5 points round trip and stamp duty charges are 50 rs (max cap) per contract note.
VKM