Date : 19 July 2018
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Started trading with a new note. As I mentioned in the previous post there was some major changes in the trading strategy. Trade risk was reduced to 20% of the usual trade risk. Has to recover the lost capital and then slowly increase the risk eyeing the goal of this project.
The plan seemed to work today as trading TATASTEEL on 1m chart kept me busy and focused in trading, and along with it tracking other stocks on 5m chart was not a problem since I was fully concentrated. But also, the market was mostly dead today so real challenge will be faced on days when there will be too much volatility and movements.
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TATASTEEL - 1m trades
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The sharp downmove during the open did not sustain below previous day low, and an uptrend was started. Entered LONG on uptrend, this trade worked well.
Then did a mistake on my attempt to enter on a fast falling market. Entered SHORT right at bottom. This trade was scracthed. But the third trade was a rejection near sideways top and gave some good profit.
5m intraday trades
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Entered LONG on TATAMOTORS, when price was turning in to a potential uptrend, but the trade did not workout, and I had to scratch immediately.
2nd trade was a SHORT on AXISBANK, AXISBANK was in an uptrend above previous day's sideways range, but I started looking for reversal when the bullish momentum faded. Used the concept of ERL (not as per the flow method) for taking the SHORT. The trade worked good, but had to exit manually as it was close to 3PM
Net Position
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Note to Self : Need to study the LT and HINDALCO chart as they have moved quite well for today but in realtime I did not get any setup in them..