LONE WOLF's Trading Diary

[karthik_sri]

Hi Lonewolf,
In Nifty at the bottom it was a nice rectangle formation...it would have paid you good if you have noticed this pattern...the going long what you have marked is also a Inside Bar...wait for the price to break the Inside bar and take your long...if you have noticed the Inside bar you would have noticed the rectangle formation subsequently...anyways it is easy for me to comment but when it comes to trading it is different...

 

[ankur07090]

Hi Lonewolf,
In Nifty at the bottom it was a nice rectangle formation...it would have paid you good if you have noticed this pattern...the going long what you have marked is also a Inside Bar...wait for the price to break the Inside bar and take your long...if you have noticed the Inside bar you would have noticed the rectangle formation subsequently...anyways it is easy for me to comment but when it comes to trading it is different...

Any calculations like parent bar, high low.... to form these rectangle to visualize sideways market...?

 

[karthik_sri]

Any calculations like parent bar, high low.... to form these rectangle to visualize sideways market...?

Mark the High/Low of the parent candle and you could see price touch the high/low without closing above the parent candle...the more the length of the rectangle (means the more the price bars) the breakout is more either on the upside or on the downside...in the same chart you can see one more small rectangle...

 

[vijkris]

Mark the High/Low of the parent candle and you could see price touch the high/low without closing above the parent candle...the more the length of the rectangle (means the more the price bars) the breakout is more either on the upside or on the downside...in the same chart you can see one more small rectangle...

manish in generl thread said he will create afl similar to your explanation. hope he succeeds.

 

[LoneWolf]

Thank you Ankur and Karthik for the inputs and guidance. Will test them and try to incorporate in my system.

 

[LoneWolf]

Date : 17 Mar 2016

Trades taken = 2
Trades in Profit = 1
Trades in Loss = 1

CLosed the day in green.
Net Equity is up by = + 2.5%

Today I messed up big. In the morning and mid session, I took extra care and very disciplined approach for not to over trade as most of the stocks were not shown g any clear direction after gap up. Result was - I waited patiently for a clear setup, and no trades were done. In closing session, AXISBANK attempted a breakout and I went long, made good profit as well. But then when price started falling for NIFTY, BANKNIFTY and other banking stocks, I missed them. I had taken a SHORT in YESBANK which I knew was a very high probable setup and price can fall up to 800 and below. But I went over protective and again jumped to 1m for over management and scratched the trade.

When downside got accelerated in NF and BNF, good short opportunity were there but it was after 2:45, and I had lost interest thinking price might not fall.. Over all, I messed up big and lost many good setup.

Trades in AXISBANK

Trades in YESBANK

Missed Trades in NF and BNF

 

[LoneWolf]

Few of the known but serious issues that I am facing in my day trading, and which needs immediate work..

1. Jumping down to LTF to over manage the trade - This is happening by the fear of missing out profit, fearing a sudden reversal or failed setup trade.

2. Loosing Focus and attention in sideways market - Sideways days are being boring and slow, not giving many trade setups. So in the process of waiting for the right setup, sometimes patience and focus is lost, resulting not being there when trade comes, or jumping early to a setup before it forms. So maintaining a trading mindset is the key here. From today onwards I will sit till 3:30, Till now by 2:45/3PM I was thinking like day is almost gonna over, so no point is sitting now, Need to change this attitude.

3. Over Trading - By jumping ahead of the setup sometimes are leading to overtrading. Another issue here is in sideways market since market moves slow, all 9/10 stocks, that I am tracking gives signal at some different point of time, thus I take all of them, resulting 8/9 trades. But in trend market when all of them move simultaneously, maximum 3/4 trades can be taken at the same time. So this is an issue where I am loosing more in sideways even if the loss are small. Need to work on this.

To maintain the evenness of mind and to trade consistently I need to make all the above issue sorted out soon.

 

[Aryanz]

Few of the known but serious issues that I am facing in my day trading, and which needs immediate work..

1. Jumping down to LTF to over manage the trade - This is happening by the fear of missing out profit, fearing a sudden reversal or failed setup trade.

2. Loosing Focus and attention in sideways market - Sideways days are being boring and slow, not giving many trade setups. So in the process of waiting for the right setup, sometimes patience and focus is lost, resulting not being there when trade comes, or jumping early to a setup before it forms. So maintaining a trading mindset is the key here. From today onwards I will sit till 3:30, Till now by 2:45/3PM I was thinking like day is almost gonna over, so no point is sitting now, Need to change this attitude.

3. Over Trading - By jumping ahead of the setup sometimes are leading to overtrading. Another issue here is in sideways market since market moves slow, all 9/10 stocks, that I am tracking gives signal at some different point of time, thus I take all of them, resulting 8/9 trades. But in trend market when all of them move simultaneously, maximum 3/4 trades can be taken at the same time. So this is an issue where I am loosing more in sideways even if the loss are small. Need to work on this.

To maintain the evenness of mind and to trade consistently I need to make all the above issue sorted out soon.

Try to use LTF only for entry and not for exit

Regards

 

[karthik_sri]

Your chart of NF, BNF, Yesbank all you have marked the support perfectly and look at the top the price touch the top and it came down in a range and makes a rectangle formation...the breakout is what you have seen and missed!

Axisbank look at the first candle of the day of 5 min...it is a doji candle and shows indecision in the mindset of the traders...in such cases mark the high and low of the doji candle and wait for the candle to close above or below the candle and take trade. Your SL will be the High/Low of the doji candle...

if possible post your chart with Volume and look at the volume also...

Thanks for sharing your charts!

 

[timepass]

Try to use LTF only for entry and not for exit

Regards

Very interesting - A first for this forum. Can you please expand a bit more on this ? Also some charts will be appreciated.