Date 05 Sep 2019
Only 1 trading opportunity was present today. Other stocks were moving in tight range. AXISBANK tried to breakout above previous day high. But the breakout candle was showing very less volume and price quickly turned about. Candle 4 was my trigger candle showing buyers are getting swapped, I SHORTEd below candle 4 low. But candle 5 was a kind of self reversal candle which made me tighten my SL to candle 5 high. My SL was taken but price eventually moved in my planned direction.
There was no re-entry opportunity available there.
@SwagatN : Based on the trades taken by you I have done a small exercise for you. The pics below shows 3 scenarios as follows:
1. These are the actual trades taken by you and the actual position size, which also tells you your expectation per unit and % of those expectations. Points to ponder is; are these realistic % expectations.
2. This working is based on your actual capital "what should be the ideal position size". Again, here based on your per day requirement to achieve your target capital the expectation per unit and % of those expectations exceeds way beyond its daily movements. Here also the % expectations is way beyond its normal range movements.
3. This working is based on suggested capital of Rs.80,000/- and what would be the position size according to this new capital. Again, keeping the target capital same the expectation per unit and % of those expectation just seems barely feasible. Since the % of the expectation are "just" within its normal range movements. Although, I would say even if you just target 1% instead of 1.5% movement (since one cannot capture the whole range movement) then it requires your strategy to be 100% as it will mean 1:1 Risk:Reward ratio.
I leave it to you to be judge of your own self and understand whether you are adequately capitalized. (I believe, if you were properly capitalized your last AXISBANK trade's S/L would be @ 659.70, which was resulting in 1% profit booking @ 646.60, based on your own method of entry). Hope this exercise helps you in your endevours. Please accept my apologies if this message is offending. Thnx.