My trades

Hello,

I am basically a spot forex trader who shifted to Capital and derivaties Markets because of the whole legality issue on forex trading.

The profits in these markets are lesser as compared to the fast-moving 24-hour market that i am used to.

Anyway I shall be posting positions which I might take the next day. I am trading based on Daily, weekly charts.


IFCI Buy@open Target 101 STOPLOSS 84.3

HINDALCO Buy above 192 Target 210 STOPLOSS 189.1

Positions suggested are intraday trades or positional ???

Is it illegal to trade forex in India? Can we do it online by paying and receiving through credit card

Hi rkkarnani,

Kindly note that these trades are not my suggestion but the trades that I plan on taking, I am not suggesting anyone to follow my trades. Please analyse and take positions based on your own analysis. You may look at the trades I post and then look at the charts and analyse whether to enter or not.
These trades are NOT intraday.

I take positions based on TA and keep changing the Stop-loss as and when a resistance is crossed. I intend to stay with trend as long as i dont get a sell signal or my Stop-loss gets hit.

Neo

Hi aroymkp,

Trading forex spot is illegal as far as i have been able to find out. The Rupee is not fully convertible as yet thus any speculation where the source is Rs. is illegal. Try going to a bank and asking them for a wire transfer after stating the purpose and the chances are they will turn you down.

Neo

For Nifty traders,

HIGHLY RISKY TRADE

Side: LONG

Entry: A daily close above 5694

Stop-loss: 5688.3

In this case the stop-loss is based more on psychological factors and not on TA.

I repeat I would not take this trade as I have not made a lot of profit on the nifty yet.


As for the trades on oct 16:

Hindalco's making me a handsome profit.
IFCI a bit of a disappointment but then again the stop-loss has not been hit and the up trend is intact.

Neo

What a day,

The FM's comments were almost timed to help out an institution which had shorted 1 crore nifty and got trapped on the monday rally.

Atleast thats what i heard. The message also said that he will make announcements and then market will recover. That was exactly what happened. Alarming to say the very least.

What a corrupt nation we r living in.


Neo

Very corrupt, Neo. I seriously doubt major political hands here.. Why can't they announce this PN stuff in a detailed (about not banning but just capping, etc) manner on a Saturday. There will be enough time for analysis and market would have been given time to act with sanity... am very sad with this nation

Hello again,

Got some interesting picks for the day. Check them out at:

http://technicaldream.blog.com/

Its still in development phase so bear with me. The post you want to look at is the 2nd one. Would appreciate comments and suggestions.

Neo