One More Dream Thread :thumb:

[Trader4242]

One More Dream Thread

Hello Friends

In this thread I will be tracking Nifty & Bank Nifty Future with intention of Swing Trading them to fund the dreams . . .



The position will be based on my feel of the current market condition . . .

Currently Nifty seems to be locked in a range so no point getting whipsawed by compulsive trading . . .

Bank Nifty is in a clear uptrend, but posting an old level in a new thread is not done :lol:

So now onwards we will be looking for a change in this trend and start with a short trade

So here's some levels for BankNifty as per my understanding . . . Weak below 9150, short below 9100 . . .

I will be also creating a short on Nifty at levels below 5240

 

[Trader4242]

Re: One More Dream Thread

Hello

First trade 1 Lot Short Nifty Future @ 5240 stop loss 40 points . . .

Also looking to short 1 lot of Bank Nifty around 9100 with a stop of about 100 points

 

[Trader4242]

Hi

Bank nifty closed above the defined shorting level but none the less is looking very weak, so created my short at 9220 stops above 9300 . . .

So finally at close short on both 1 lot each . . .

 

[Trader4242]

Hello


Markets Open with a gap against the position

Stops placed at 5255 for Nifty & if the stop is triggered, will not reverse to long

For Bank Nifty will be looking for creating a long position

 

[Trader4242]

Hi

Looking to create 1 more short position below 9150 on Bank Nifty . . .

Stops for it above 9200 . . .

 

[Trader4242]

One More Dream Thread

Hi

Think this should have been in my first Post or better still in the Title

My expectation or target is to make 1000 Points per Month :thumb:

The base quantity I use is 1 Lot or 50 each for Nifty & Bank Nifty. But I can and do take up more than 1 position on NF & BNF (max 3)

Thus the 1000 points is the overall profit expectation and not per lot :lol:

I do not use a defined system for entry/exit but I try to follow some basic rules.

The most important rule for me is "Never Fight the Trend" never stand against the on going trend. And how do we know that, very simple if we are accumulating M2M loses on our current position we are standing against the trend.

I mostly do swing trades, I look at charts with 3 timeframes.

1. Daily , 2. Hourly & 3. 15 Minutes.

Normally I have nothing else other than price on the charts, maybe a few S/R lines mostly horizontal ones to mark the current range for e.g. on nifty daily chart the action this year 2010 has been in the band 5170 to 5300.

Needless to say I have tried out many things but somehow all those indicators don't seem to work for me. But I am sure everything works for someone or the other, so no arguments about their utility or otherwise.

For me the key to trading success is to trail the stop trying to keep it away form retracements and proper MM to keep you in the business for long enough to learn and start earning.

Rest in the Next

 

[Trader4242]

Hi

Will creating 1 more short position on Nifty if it moves below 5220 (yesterday's close)

 

[Trader4242]

Hi

Shifting Stop for BNF to 9280 . . .

Going No Where kind of markets but need to take it in stride :thumb:

 

[Trader4242]

Hi

Nifty breaks 5220 and our short 2 position triggered

Over all position

NF Short 1 @ 5240 yesterday, current Stop 5240
NF Short 2 @ 5220 today, current Stop 5230

NF Short 1 @ 9220 yesterday, current Stop 9280
NF Short 2 @ 9250 today, current Stop Stop 9260

The idea in having the second (or third) position on the same side is to take advantage of the price movement in that direction.

You may notice that the stops on second position are very close, the reason is I do not want to give them any extra space as the basic assumption behind this added quantity is that the trend is moving smoothly so if the price moves back we try to get out of these second positions with a minimum loss.

 

[Trader4242]

Hi

Levels for the third short positions

NF below 5200 & Bank Nifty below 9100

If these trades are triggered I normally will not carry them overnight, will square at end of the day and try to get in again the next day.

I find hedging just adds to the cost without giving any real advantage, so reducing the size is best option to reduce risk / exposure