iCharts Discussions

[kanna]

I am planning to post my failed trades daily to analyse myself. Any suggestion on what should have been done, or find the point where i have erred will be More than welcome. Please feel free to criticize.

Kanna

[ProTrader]

Kanna Anna ..You are the real Dabaang.

Keep rocking!

[kanna]

the weekly R1 is at 6227 and yesterday it was taken. Hence when price came down today expected that 6227 will be a support. hence bought at 6232. Once that was taken averaged at 6212 once with SL at hourly 34. and that also came and averaged again at 6195 levels. thought of closing the position if it closed near 34.

learnings
Yesterday Papa preach told .......... if you are playing against the trend then play small qty which means no averaging ..... and also have a small SL which is pre determined. here i have not determined the SL and carry the position until the last.

Should avoid counter trend tradings.
should not average on counter trend tradings
should have only small quandity on counter trend tradings
should have a pre determined stop loss (Hard stop loss possibly) and close the trade.

Total loss 20 pts plus brokerages.

[jimmie]

my failed trade today

[jimmie]

[singh.ravee]

Sir,
Kindly note following;
1. Confirmed Shooting Star at the opening of the day highlighted in circle.
2. Stock falls down and Bullish Harami tries to arrest the downtrend highlighted in the circle
3. Weak confirmation of bulls action.
4. Very next candle bears took over and stock moves laterally.
5. Resistance tested thrice. Obseve a high vol green candle failing to break the resistance suggest force of bears.
6 Trend prior to lateral zone is downtrend and possibility of breaking on the down side was higher, which it did.
7. In this case I feel your stop loss should be the high of shooting star.

Hope it suffice.

Thanks and Regards

Ravinder Singh.

[jimmie]

thats right, SL will be high of the shooting star, but later we have to go with TSL.. or else we may see 50 points profit and then see that profit getting wiped out in the second phase.. so have developed a TSL system where by u dont loose ur profits.. and sometimes it whipsaws like any other method.. so no big deal..

[Trendwithpapa]

nice threaddddd kannnaa

[SwingTrader]

Kanna,

Great going!!! I truly believe one learns a lot analysing one's failed trades. Wish you the best!!!

[Trendwithpapa]

Yesterday Papa preach told .......... if you are playing against the trend then play small qty which means no averaging ..... and also have a small SL which is pre determined. here i have not determined the SL and carry the position until the last.

yes kannna I said that when going contraaa ur quantity shud be lesss and no avergaing and the sl shud be lesss.....This thing used to happpen with me wrong so I thought to corrrect it.....But yes with this I would like to say that counter depends on the kind of trade u duinggg....trend is up so swing traders can buy and hold bcoz the price is going cheap and the trend is up. But for intraday traders yes that was a counter trend...so a 5-6 point sl is enough to tryyy.....Better luck next time ....hehe catching a falling knifeee can be dangeroussss

[mayurnsk]

Kanna Hi,,,

You are going great guns keep it up be a super trader


Regards
Mayuresh Jahagirdar
Nasik,
Maharashtra

[kanna]

Thanks a lot for all your views.

Jimmie, your view on volatility and its effects on SL is gr8 as usual. should increase little bit.

Thanks Papa and Ravinder singh for your views.

Hoping to not repeat this same mistakes again.

Will try to do some new mistakes

[kanna]

My first trade today was shorting DLF at rejection from 89ema in 5min charts and also daily pivot. with SL above both. It was giong fine. three times it tested 382 - 381 levels and bounced. Marked in chart. though my targets are S1 which is 379.1 and then S2 which is 375 around, covered prematuredly at 382 levels itself. once i covered immediatley in two candles it touched S1. and later S2 also.

Learnings:

Even in intraday also just trail our stop loss only. Dont bring your targets front.
When I have finalised the SL as closing above 89 ema, I should have respected it (though the market respected it)
Give the market some time.

Missed out the balance 8 pts from my target . booked only 3 pts.

[kanna]

Shorted NF once it broke the 6145 mark where it supported twice till then intraday. I kept the SL at pivot 6162. Later SL hit . Bad Luck.
But I should have shorted again on the rejection from pivot at 5160 levels. Missed it. And also i shouldhave opted for candle close above pivot as SL. But since 6145-6162 was around 20 pts , thought it is ok.

The trade seems to be ok. only thing is i should have shorted again on the rejection. (marked as circle).

very bad. I could not even find what went wrong in this.? Need your help.

20pts loss

[ProTrader]

Kanna:

always keep some filters (though they may be hit too). If you were looking for Pivot as your SL, I would add 3 to 5 points as a filter or infact any S and R levels. Generally there is a high probability that they will get hit as many traders are watching them or trading with them. Anyway, getting SL hit was not a problem, not re-entering the trade was, which you already know.

You will become a fine trader soon..make sure you remember yearly sub then
.


PT