Tiger's Trading Journal

#11
New Positions

Nifty Oct Fut - Short - 11352
SL
: 11400
Nifty 10 Oct 11300 PE – Buy - 99
Strategy:
Basis of Trade: Expecting a choppy day, and will see the low of Tuesday. Expecting a more adverse move though, with max SL of 11450
What I dont like about this trade:
a) Not much prep gone into the trade. Except that am expecting global market to trade negative and I thought this is a good place to short. Also since I have a long in AuroPharma, want to compensate with a Short
 
#14
Closed 50% Nifty @ 11309 @11307 and another 50% @ 11280.
Closed 50% of Nifty 11300 PE @ 108 and another 50% @ 120.
Equity Account - 107.8% of initial capital


What I didnt like about the trade:

The trade was a day trade yesterday and was supposed to be taken off near the day low made by the time of the trade. The price went there, but I was not near the terminal.

It went bit against me today, but Options data was indicating market will fall, so I kept the position wanting to take a call after the RBI. But alas, again I was out to attend a lunch function (which I thought was dinner function). I took off the position from my mobile.

Learnings
a) On a event day, you either win big or lose big. Dont take off your profits for a chavanni.
b) Being on the side of the trend will help you cover few mistakes. Hence dont treat them as victories.
c) If you are not planning to be on desk on a event day, dont have positions. Could have easily lost a bit today.
 
#15
Closed and Reversed AuroPharma position ... will update a bit later @ 542
Added more short position at 537 : Closed this at 525. Still carrying the earlier position
Closed complete position at 511

At the end of it .. there is still lot of red ..
 
Last edited:
#16
PostMortem on AuroPharma trade:

Why wasn't AuroPharma trade covered when its broke support at 580ish : Since was Nifty was also down, I was waiting for Nifty to recover/settle down so that Auro will get back into the zone as per "AuroSpecial".

However, Auro had its own news and I covered it near the end of previous support zone. For a change, I reversed and took a short too. And added more on confirmation of the break.

Overall, that helped cover a bit of loss, however two learnings here

a) When Auro slipped out of its previous range, the trade should have been immediately closed.
b) When there was not much sign of retracement, Auro short shouldnt have been covered. Trend day rule should have been applied. On a trend day, positions should be carried to the close. If only, I would have done that account would have been in bumper profit.

Equity Account - 94.23% of initial capital.
 

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