iCharts Discussions

Pats · White Belt Joined: 08 Sep 2013 Posts: 407

Hi amit,
Any perticular reason to sell calls at this juncture - QE3 event ? Although, as a trading intelligence most call or put writers initiate positions after 15 to 17th of every mnth, but if market take positive meaning of the event and stayed so till next week, then many writers start feeling insecure and square-off their positions in loss. So, be careful and as-usual best luck to you.
You are very determined tradee I think, at such time I rather avoid any trades which has got un-limited loss chances built into them !
Smile

Note: This message is due to my thinking that you have written some call, if not pl ignore them !

amitagg · Black Belt Joined: 01 Oct 2013 Posts: 4559

Thanks PAT for geniune comments

2 things
- one as thread suggest I trade in futures and only recently trying for option trades (because TA of options not strong)
- since my market view is high of 5970 etc...I have written 5900 call at 100 (breakeven till 6000 spot)
- further important is that if it rises, I still believe (CONSIDERING TIME DECAY DUE TO ONLY FEW DAYS TO EXPIRY) that I can SELL further 6100 call at value then in case NIFTY moves above 6000....
- very high premiums means better to write calls At end of expiry
- as someone mentioned today 6000 OI is highest so highest resistance (this can shift every day)
- difficult to cross 6100 in fact any amount of rally POST EVENT will be sold into HEAVILY around 6000-6050 IF it reaches there (when many retail would cover their shorts and longs reinitiated
- ALL ie most stock levels are below MAJOR REVERSAL patterns for me
- hence rallies in ITC Reliance and HUL will be ending soon...

Hencw, call writing is SAFER if you can add afte ONE more upmove (to neutralise your loss on initial)

- again if NS moves about 6100 I will be wrong (but trades as I mentioned are not heavy)

amitagg · Black Belt Joined: 01 Oct 2013 Posts: 4559

killing me too...squared at 200 points loss [considering NO taper]....NF Oct and taken Rel Cap qty at 352 ....break even at 385 for recent loss......holding 5900 short call.

hoping rel cap to catch up and shall be taken UP.......resistance at 353-354 to break then it may happen.

stop would be 333....

SAR action...

Pats · White Belt Joined: 08 Sep 2013 Posts: 407

amitagg · Black Belt Joined: 01 Oct 2013 Posts: 4559

yes thanks...

2 good learnings from you and Vinay....my broker has suggested BUY BUY of calls and puts simultanoues and he was right.....played volatility and even if direction was opposite he would have been right.....

meantime, rel cap has break out and giving excellant daily bullish pattern.....targets open...till 380-383-394...[then too far...then triple bottom]

amitagg · Black Belt Joined: 01 Oct 2013 Posts: 4559

SAR trade working...rcap up to 364 from 352....hoping one more good day if RR obliges tomorrow...then shall recoup all yesterday's losses in 2-3 days [trade to close then only can comment..] ...markets dont give a chance to rest.......

R group stocks good buys in turnaround trades....

i shall again SIT TIGHT>>>

vinay28 · Black Belt Joined: 24 Dec 2010 Posts: 11748

amitagg · Black Belt Joined: 01 Oct 2013 Posts: 4559

One can buy Adani Ent above 150-153 for intraiday target of 158-160 min

Rcap is in uptrend (excellant breakout on daily and weekly charts)...it goes one way 100 points ..so target 386-393

Adani is dark horse...massive volumes...it can test 182-194

Always remember these 2 stocks when market shoots up or down...and at major turns...they are reversing from lows (adani) and rcap (extra solid 300 supports)

rk_a2003 · Black Belt Joined: 21 Jan 2010 Posts: 2734

amitagg · Black Belt Joined: 01 Oct 2013 Posts: 4559

right said..i missed booking any profit today at 368 [my cost was 353]...SL hit at cost price ...so no trade pending except 5800p and 6200 c Oct [for total 215]

Pats · White Belt Joined: 08 Sep 2013 Posts: 407

anilraj · White Belt Joined: 30 Aug 2013 Posts: 24

[quote="amitagg"]One can buy Adani Ent above 150-153 for intraiday target of 158-160 min

Dear Amit ji,
Chart look for Adani Ent shows ( my view) that it is trying to make bottom around 135. Last Friday I had traded Adani from 141 to 143 in early morning trade. At that time there was news that Modi will be declared PM candidate. In Gujarat it is considered Adani to be Modi favourite.

The above was quick 20 minute trade and I made small profit . However from my earlier failure I have learnt that as a trader one should not trade based on any news or event. Traders should take their call purely based on charts.

Further as highlighted by RK, it is perfectly true that one should forget loss and start fresh. 2-3 months back I shorted ITC at 286 and covered above 315 with huge loss. On 4 Sep when ITC was at 295, I considered it weak and I shorted ITC 300 call at 11.15. This trade was taken to cover earlier loss and to take revenge from ITC. Result :- within 2 days I had to cover with huge loss.

this thread has been started by you to discuss your trade. I am taking liberty to discuss my trade also to learn from others. I hope you will permit.

pkholla · Black Belt Joined: 04 Nov 2010 Posts: 2890

amitagg · Black Belt Joined: 01 Oct 2013 Posts: 4559

From medium term perspective, let's see the possibility of market holding key supports at 5800-5850 (final support 5750) in pullback BUT instead of breaking past 6200 on subsequent trending move, again falling below 6100-6200, so start another leg down to 5750 or below it.?

That is is it the "pullback" way and magnitude that shall tell the Medium/long term strength of market OR whether new high is made ON "retracement" of "pullback".(Pullback meaning the move going on down from 6150).

anilraj · White Belt Joined: 30 Aug 2013 Posts: 24

Sesa goa 180.15
looking for short trade