Diary Of A Dedicated Wolf
- Thread starter TheFailedTrader
- Start date
APOLLO TYRES
So Today is Thursday, Expiry day For Index Derivatives. 80-90% Of the days In my experience it is a Sideways Day. I avoid trading today. But if a Good Plan Gets Triggered I Start Small, And Add positions If It Starts Trending. This Day is The Day For Option Sellers Who Want To Earn The Premium Decay, Well Mostly... Most Thursdays I Have Had My Stop Losses Hit. But Trades Were Correct, According To Plan. So I Embrace The Losses. They Are Usually Less Because They Are Strict And With Very Good Risk-Reward, And also Small Quantities.
Here IS The 1st Trade Apollo Tyres, Which I Am Following For A Possible Breakdown Failure And A Good Swing Trade If Markets Turn The Trend.
At Point 1 It Gave Good Breeakdown From Both Trendlines Visible. In The Past Two Sessions Markets Retraced, So Did Apollo tyres, Touching The Main Trendline From Dec '20. Here I Took a Trade With Possibility Of Failure of the Breakdown In Previous Sessions .. Failures Are Mainly Huge..
The Trendline You See Is The Same Trendline I Am Talking About. It Tried Breaching It With Good Vollumes But Couldn't Sustain as Seen In Point 1.
Point 2, You Can See A Good Sideways Just Below The Daily Trendline. It Broke Out, And I Got Alerted, As I Always Have Alerts Set For My Trades. Looking At The Volume I Entered at 216.90. Perhaps a Little Late, Keeping Stop Loss Below The Huge Green Candle At First 215.55 Point 3, also 50 Ma.
I Was Watching It Carefully It Couldn't Sustain the above Trendlines. It Came Back Took Support At Same Price Point 4, It Broke Out From. I Moved Sl Right Below It. As, If IT Would Be Clear If It Breaches It, It won't Be Able To Sustain The Breakout. I Exited upon Breach And Also It Breached 50 MA. Exited 215.70.
If It Gives Good Weekly Closing, It's a Stock To Watch Out For. I Might Catch It On Next Breach In Intraday And Then Hold The Profits For a Good Swing Trade. I Do Take Swings On Strong Weekly Closings. But I Am Not Convinced Yet If Markets Have Turned. Waiting To See If This Top Is Lower High Or A Reversal. A Few Major Resistances In Nifty Still Hold. For Me, 15610 is Crucial And Then 15775. A Close Above 15610 Wil Give Confidence For Swing Trades. Most Major Indices In My Eyes Are Just Standing At Crucial Points. Above Which They Will Be Out Of The Woods.
In The End, A Good Trade, Exited With Little Loss. Accepted And Moved On To Next Setup, If Triggered.
Kind Regards
TheFailedTrader
Embrace Your Failures..!
So Today is Thursday, Expiry day For Index Derivatives. 80-90% Of the days In my experience it is a Sideways Day. I avoid trading today. But if a Good Plan Gets Triggered I Start Small, And Add positions If It Starts Trending. This Day is The Day For Option Sellers Who Want To Earn The Premium Decay, Well Mostly... Most Thursdays I Have Had My Stop Losses Hit. But Trades Were Correct, According To Plan. So I Embrace The Losses. They Are Usually Less Because They Are Strict And With Very Good Risk-Reward, And also Small Quantities.
Here IS The 1st Trade Apollo Tyres, Which I Am Following For A Possible Breakdown Failure And A Good Swing Trade If Markets Turn The Trend.
At Point 1 It Gave Good Breeakdown From Both Trendlines Visible. In The Past Two Sessions Markets Retraced, So Did Apollo tyres, Touching The Main Trendline From Dec '20. Here I Took a Trade With Possibility Of Failure of the Breakdown In Previous Sessions .. Failures Are Mainly Huge..
The Trendline You See Is The Same Trendline I Am Talking About. It Tried Breaching It With Good Vollumes But Couldn't Sustain as Seen In Point 1.
Point 2, You Can See A Good Sideways Just Below The Daily Trendline. It Broke Out, And I Got Alerted, As I Always Have Alerts Set For My Trades. Looking At The Volume I Entered at 216.90. Perhaps a Little Late, Keeping Stop Loss Below The Huge Green Candle At First 215.55 Point 3, also 50 Ma.
I Was Watching It Carefully It Couldn't Sustain the above Trendlines. It Came Back Took Support At Same Price Point 4, It Broke Out From. I Moved Sl Right Below It. As, If IT Would Be Clear If It Breaches It, It won't Be Able To Sustain The Breakout. I Exited upon Breach And Also It Breached 50 MA. Exited 215.70.
If It Gives Good Weekly Closing, It's a Stock To Watch Out For. I Might Catch It On Next Breach In Intraday And Then Hold The Profits For a Good Swing Trade. I Do Take Swings On Strong Weekly Closings. But I Am Not Convinced Yet If Markets Have Turned. Waiting To See If This Top Is Lower High Or A Reversal. A Few Major Resistances In Nifty Still Hold. For Me, 15610 is Crucial And Then 15775. A Close Above 15610 Wil Give Confidence For Swing Trades. Most Major Indices In My Eyes Are Just Standing At Crucial Points. Above Which They Will Be Out Of The Woods.
In The End, A Good Trade, Exited With Little Loss. Accepted And Moved On To Next Setup, If Triggered.
Kind Regards
TheFailedTrader
Embrace Your Failures..!
Last edited:
Dr Reddy
This Is Another Stock Which Had A Setup Of Breaking Down, Very Correctly It Trended. Now It Also Retraced Quick To Touch The Same Daily Support It Brokedown From, See Point 1 Below How It Retraced With Chances Of Giving a Breakdown Failure...
So I Was Watching This Closely There Was a Trendline From Previous Days Chart In 15 Minutes Timeframe, In Detail, You Can See In 5 Minutes Tf.
It Broke Down, And Then Immediately There Was A Failure and 50MA Breach Point 1 Entry at 4590.95, Keeping Tight Stoploss Below The Big Green Candle And Below The Same 15 Min Trendline Exited at 4581. Now I Am Hoping For The Daily Trendline To be Breached Which You Can See At The Top Part Because the Breach Of It Gives Sweet Trades On Higher Time Frames. The Stock Then Comes Right Back Ignoring The Trendline And Not Even Taking Support. So This Trendline is Of No importance at all. I Exited Right Below The Red Retracement Candle And My Stop Loss. I Could Get Out At 4581.85
Overall I Do Expect Stop losses To Be Hit On Thursdays, But I Have Minted a Few On Thursdays As Well. I'd Rather Take The Trade According To Plan And Let The Stop Loss Hit Then To Miss A Amazing Trend On Higher Timeframes. And I Do Miss a Lot Of Them, Either because I Am In a Trade Of Another Setup Which May Or May Not Give Profits Or I am In a Trade Of another Stock From the Same Index Which I Caught, And Am Managing it. You Can't Trade Them All... But I Do Plan The Trade And Trade The Plan... Period !!
Warm Regards
TheTrendTrader
I have not failed. I've just found 10,000 ways that won't work. - Thomas A. Edison
This Is Another Stock Which Had A Setup Of Breaking Down, Very Correctly It Trended. Now It Also Retraced Quick To Touch The Same Daily Support It Brokedown From, See Point 1 Below How It Retraced With Chances Of Giving a Breakdown Failure...
So I Was Watching This Closely There Was a Trendline From Previous Days Chart In 15 Minutes Timeframe, In Detail, You Can See In 5 Minutes Tf.
It Broke Down, And Then Immediately There Was A Failure and 50MA Breach Point 1 Entry at 4590.95, Keeping Tight Stoploss Below The Big Green Candle And Below The Same 15 Min Trendline Exited at 4581. Now I Am Hoping For The Daily Trendline To be Breached Which You Can See At The Top Part Because the Breach Of It Gives Sweet Trades On Higher Time Frames. The Stock Then Comes Right Back Ignoring The Trendline And Not Even Taking Support. So This Trendline is Of No importance at all. I Exited Right Below The Red Retracement Candle And My Stop Loss. I Could Get Out At 4581.85
Overall I Do Expect Stop losses To Be Hit On Thursdays, But I Have Minted a Few On Thursdays As Well. I'd Rather Take The Trade According To Plan And Let The Stop Loss Hit Then To Miss A Amazing Trend On Higher Timeframes. And I Do Miss a Lot Of Them, Either because I Am In a Trade Of Another Setup Which May Or May Not Give Profits Or I am In a Trade Of another Stock From the Same Index Which I Caught, And Am Managing it. You Can't Trade Them All... But I Do Plan The Trade And Trade The Plan... Period !!
Warm Regards
TheTrendTrader
I have not failed. I've just found 10,000 ways that won't work. - Thomas A. Edison
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