Day Trading A Single Stock

Tejas Khoday

Co-Founder & CEO, FYERS
The Challenge for the remaining days (Aug 27,28,29,30,31, Sep 3):
  • To stick to the initial strategy (13-49 EMA cross, 5 min).
  • Stop after a winning trade.
  • Stop after two losing trades.


Other items to practise:
  • Show vaR
  • Follow Risk:Rwd
Question: Why not stop after 1 losing trade and 2 or 3 winning trades instead? Am I missing something here?
 

newtrader101

Well-Known Member
Question: Why not stop after 1 losing trade and 2 or 3 winning trades instead? Am I missing something here?
It is difficult to stop after wins and I end up losing the profits. I become careless and take trades w/o due diligence. But a loss is a natural chastisement. Can't feel elated after that.
 
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newtrader101

Well-Known Member
Today Asian Paints is on the bullish side, but hasn't yet broken out convincingly over the first 15 mins high... (5 mins chart)
1535438120338.png
 
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newtrader101

Well-Known Member
1535451559694.png

But see how it crossed the next Gann level and then the next. If nimble enough, one could have entered on the first crossing, if it was a bullish candle.
 

newtrader101

Well-Known Member
Yesterday's close 1407.

EMAs bearish, entered on pull back @ 1401.50
1535517106246.png


The stop I placed was too close-1405.45.
Stopped out @ 1,405.35 and then it continued on its way to 1392.50 (9 Rs). Stop should have been at today's high.
1535544603185.png
 
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newtrader101

Well-Known Member
1535604087851.png

1 min chart.
It made a good movement today at open, but my old habit of playing for long shots took over. Stopped out. For the past one month it hasn't trended full day even once.
Sold Bought
1,385.25 1,380.70
1,380.10 1,388.00
1,387.15 1,377.30
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P/L 3.50
----------------------
 
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newtrader101

Well-Known Member
1535688778603.png


Classic BO fail isn't it.
Entered short @ 1386.50. SL 1,392.05 day high.
Target was just above gann level 1379.
Hit target @ 10:35. Enough for today.
 
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