when i should have exited my short on 18/10/2010

[razx5]

hello friends,i follow our own memeber veluri1967 30 min breakout ploicy for intraday trading..according to his automated excel sheet http://www.traderji.com/swing-trading/40202-trading-ranges-3.html
for nifty futures it gave sell below 6033.15(that is the first half hour low) for a target of 5930..ok it did broke the low of 6033.15 at 9.50 a.m and made a low of 6007.60(v were sitting cool with a profit of 23 points) still waiting for that 70 points fall..but market reversed broke all the resistances and made miraculous return to day high of 6079..even broke that and ended at day high of 6136 whopping 123 points recovery from day low..now my doubt is when i should have booked my short posioton?at the same sell price that is 6033.15 or at first half hour high of 6079?or at first half hour close of 6048.80?and also when i should have reversed my trade?

 

[jolly007]

Dear Friend risk management is more imp than being right or wrong in this
game,once you were in profit you should not have allowed your position to
go in to loss ie you should have moved your stop forward to the break even
point and then could have carried on with your position without any tension.
try this in future and you will not repent.

 

[razx5]

Dear Friend risk management is more imp than being right or wrong in this
game,once you were in profit you should not have allowed your position to
go in to loss ie you should have moved your stop forward to the break even
point and then could have carried on with your position without any tension.
try this in future and you will not repent.

can u please tell me the exact point where i should have moved my stops..also when i should have reversed my position?thanx

 

[Capricorn]

can u please tell me the exact point where i should have moved my stops..also when i should have reversed my position?thanx

6115 on spot.

 

[razx5]

6115 on spot.

can u please elobarate y xctly 6115?u mean to say when the index touched 6115..that was day high for the index?6015 or what?if yes y?please reply

 

[Capricorn]

It was a R level, so exit if a resistance fails.

 

[razx5]

It was a R level, so exit if a resistance fails.

still didnt get u..but anyways thanx for the reply..what about today(20/10)..again breakout failure..nifty future half hour high was 6068.90..broke it around 2.15 pm and jus made a high of 6076.80..when i should have exited?i mean is there any indicator ul show breakout will fail..if not how can i exit and reverse my position?bcoz after makin that day high market jus turned southwards and made day low of 5987.65.

 

[Capricorn]

There was no break out, just triggering of stops in both directions. There will be such days, just avoid trading such days.

 

[razx5]

There was no break out, just triggering of stops in both directions. There will be such days, just avoid trading such days.

ok capricorn..what about today..i m not irritating u right?jus want some expert opinion regarding placing of stops..today 30 minute high was 6053..with day low being 6005.10..so v r waiting for 6053 to break keeping a stoposs of 6005.10..it did break at 9.59 a.m(hope u r watching intrady chart) and jus made a high of 6056 and then came down till 6036.75..again it broke 6056 at 11.19 a.m and made high of 6058 and came down till 6046..now according to trailin stops i have to raise my stop to this level of 6046 rt?then the market shot up broke high of 6058 and reached 6071.55..now as i have raised my stop to previous low..that is 6046..the cunning market came down till 6044 triggring my stop and then jus looked up and made high of 6152..almost 100 points aftwr my stoploss..now my doubt was i correct in raisin stop to 6046..or should ihave kept it to slightly lower level?

 

[Capricorn]

Trade a higher time frame. If u are going to trade a 5-10 min chart expect to get whipsawed..

A suggestion, rework your entry.