FAST n FURIOUS :)

what a trading session these last two days were for me , I tried to play wid so many trades both ways , luckily I ended up in right direction.... Bulls are in full control and market is showing strength & confidence is back :)


Yesterday, As I was expecting that this short term downtrend will end sometime on Monday and we may see a bounce back of around 150 points atleast from 2810 and 2800 will not break so easily.

Let me share my experience of trading last two days , how everything changes so quickly and how emotions gets over my trades :)...

Monday 29.12.2008
1. Nifty opened at 2870 , I though of shorting for a target of 2820 , but was bullish so decided to wait and will take only long positions.

2. When nifty tried to move from 2820 low , I decided to enter market and took 2 positions which I thought were very safer bets.
a) Nifty bought 1 lot @ 2830, stoploss if goes below 2810...
b) SBI bought 1 lot @ 1212 , it was the best buy no stop loss was expecting to touch 1280.

3. After few minutes Nifty reach 2846 and SBI 1226... 2k profits in few minutes thought of not booking as I was expecting another 100 points rally if it goes above 2850.

4. Nifty could not break 2850 upwards and moves a little down to gain strenght and retry :)

5. I got a false signal when nifty goes slightly below 2820 and just did not stick to my original support 2810 and I exit all longs fearing a bood bath if goes below 2800 :(
Also , switched my positions from longs to shorts ...
shorted 2 lots of nifty @ 2920 with a stoploss of 2832.

6 . Again I was in wrong foot and jumped into trade very early ...:) Nifty did not break 2820 downwards and was ready for a big rally from here ....
I booked loss and covered my shorts...

7. I picked up 2 lots of nifty @ 2834 and 1 lot of SBI @ 1220 ...... so my original expectation for upmove was strengtened. But somewhere inside me I got scared and was not ready for next failure in any trade ... there i made a mistake :((

8. I dont know why but ... I booked all my positions at a very small profit and got satisfied that dint loose anything today. Sold nifty @ 2842 and SBI @ 1234 and went to sleep thinking it is not my day today :)


End day Result ....

Nifty

closed 2936
SBI closed 1280

Virtually I lost 10 -15 K .. haha but also I had covered shorts in right time so survived virtal loss of 10 -15K.

I took it as No profit No losss :)

P.S. I took BTST call 2 lots of Suzlon @ 60.70 just before closing assuming a upmove next day.


Tuesday 29.12.2008

If Monday was intresting day ... Today , it was much bigger ! My fortune and trading stategy was swinging with every tick like pendulam.

Quote of the day from Pulkit ...
" when eveyone says BYE its time to BUY :) "

1. As I was carrying last days position 2 lots of SUZLON @ 60.7 ... my only aim today was to booked some profits with these and get out as soon as possible. But unfortunately market never gives you that 1% so easily though 90% people trades with the hope of getting this quick 1% :)

U buy, market will run and you book profit ... itna easy nahi hota BOSS ... upar jane ke liye pehle neeche ka stoploss khakar ata hai market :)

2. Market was consolidating at 2920 levels and I thought 2900 would not break that easily ... At this time I bought 1 more lot of Suzlon @ 59.55 which was a mistake ... I jumped in too early and bloked my self to counter any downfall from here :(
P. S. Also took 1 lot nifty @ 2907 lowest point of day but sold at 2920 as was carrying too many positions.
Also shorted RELCAPITAL to hedge my positions but covered as it was signaling no weekness.

3. Nifty was stable and consolidating around 2920 but Suzlon was giving me scary looks as it touches a low of 58.25 ...
At this time i was holding 3000 Suzlon so by every 1 Re dip from here meant 3K loss. So I managed to sell 2000 Suzlon @ 59 .. to keep my positions in a limit.

4 . The clock was showing 12.30 and I was bearish ....
But there was something big waiting which was destined for this time :)


I saw this message flashing on ActiveTrades Notepad www.notepad.activetrades.in
RNRL... Big blast may come above 56 stop 54 tgt 60 65 70 71. Low capital traders may take a call option of far strike price. Risk is not too high.

A spark of hope caught up my mind as the calls given by active trades are very good . and this time RNRL was quaoting @ 54.8 so if go by stoploss stategy ... its not a risky call.

I bought 1 lot ( 1788 )of RNRL @ 54.9 but i jumped in too early as they suggested to initiate trade only if goes above 56 ....
Market again teaches me this lesson U buy, market will run and you book profit ... itna easy nahi hota BOSS ... upar jane ke liye pehle neeche ka stoploss khakar ata hai market :)

RNRL diped to 54.10 which means my stoploss was about to triggered and I ended up selling it at 54.15 :( .... At this time my loss for today reached 5k and all my trades went wrong.. I was feeling helpless ... and decided to go to sleep again :)

But ... here goes the dialogue from OM SHANTI OM... Picture abhi baki hai mere dost ... and this was time to make up all my loss when mrket signalled signs of upmove at 1 pm and RNRL again jumps back to 54. 90 ...

I dont know its LUCK , Destiny or what made me to buy RNRL again and I bought 1 lot @ 54.95 which was higher than my previous buy.

Nifty jumped 50 points and was trading at 2970 ... but RNRL was still glued to 55. I told to myself have patience buddy ... it is going to blast anytime :) And it did .... 55 , 55.50 , 56, 57 to 58.70 which was day's high . It was a very profitable trade and I sold RNRL @ 58.5 minting overall profit of 5K :))


Before closing I again picked up my Suzlon 1 lot @ 60.2 and it jumped to 62 just few seconds before closing ....
All well that ends well !!!

Moral of d story : Did you missed d bus ? don't try to catch it ... there will be next one coming :)

Lets see.. what experience Wednesday brings in for me :)

teejay