Popular Posts
How To Become A Stock Trader - 6 Stages Of Development As A Share Market Trader, Trading For A Living – A Practical idea?,How to use the market calls table, Simple Money Management Rules For Online Stock Trading, Buy Only and Sell Only Watch List, How do I calculate Stop and Reverse (SAR) Level ?, How to avoid whipsaws in trading, Inspirational Quotes - For Good And Bad Times, Elliott wave pattern - Impulse (IM), Internal structure, Rules and Guidelines, Diagonal [Leading (LD) and Ending (ED)],Zigzag (ZZ), Double Zigzag (DZ), Triple Zigzag (TZ), Flat (FL), Double Sideways (D3), Triple Sideways (T3), Triangle [Contracting (CT) and Expanding (ET)], Download - Elliott Wave Calculator,Free online Black Scholes option value and option greeks calculator,Free Download - Position Sizing Calculator For Stocks, Commodity And Forex Trading Using Microsoft Excel, Stock screener based on comparative relative strength indicator method, How to filter stock's information, to get the data for your portfolio scrips, Calculating Compound Annual Growth Rate (CAGR) for investment, Stock Scan setup using Narrow Range Seven (NR7) Strategy, Average True Range (ATR) Indicator Calculator Excel Sheet, Pivot Point, Support and Resistance Calculator for Intraday Trading, Relative Strength Index (RSI), Fibonacci Extension, Fibonacci Retracement, Compounding Calculator, Simple and Exponential moving average in Excel, DJIA Today [FREE DOW FUTURES LIVE CHART] Price Rate
Hi mash
ReplyDeleteAfter a long time..
Regarding Futures I have given the levels as per August Contract,changed to august contracts yesterday when sar got triggered in ICICI and Nifty..I should have mentioned that information
Sorry about that.
Your question leads to some interesting charts...Check out ICICI bank's chart for july contract and august contract..prices in july contract went above 27 july high (925 SAR)...but not in august contract...That too happened late today..Expiry unwinding?
But ICICI retraced quite a bit today,and it can surely cross 925 sar tomorrow..till then trend is still assumed to be down.
This where money management helps...by staggering your position you enter one at breakout one at pullback...And specially for swing trades you should also keep a gap of one day to know whether the move is real or fake one
So if I had created a short yesterday I would have taken one more short today at Low risk entry level(will not look good at this time...and can create more losses if SAR get triggered tomorrow)...that's trading blindly as per plan without keeping "other things" in mind
Most of the time this is a better approach...when we think too much about other thing...we can't act at all.
Yesterday although nifty and icicibank triggered sar ...I bought Bank nifty(I posted a comment yesterday) as all was well with US markets and Nikkei(trending up).While we were close to expiry and expected overreactions in futures prices.
Nevertheless trading has been tough...Nifty is very sideways...and both long and short position can be justified..better to be in stock that are not sideways and who's results have been declared.
If you are long in ICICI the a stop at 899 can be kept...and the position can be managed accordingly.
Keeping a stop loss is good and should be always done...however if our stop losses keep on triggering too often...one day all our capital will be gone.Whenever a stop loss is triggered we exit at the worst point
http://financeandtradingmadeeasy.blogspot.com/2010/04/reposting-holy-grail-post-in-text.html
Check the above post
Stage Six: The Expert Trader...point number 7
"Instead of having the markets take your stop out, you exit when you know you are wrong."
Hope it helps
cheers
bought BN future @ 10020 SL 9970
ReplyDeleteJuly 28, 2010 2:23 PM
**************
Booked profit at CMP