25th June 2024 - Tuesday

Rules remain the same.

Nifty is positive on Daily and 1 hourly time frame. Overall trend continues to be positive.

Look for Call opportunities primarily.

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Trading Day -

It was a weird trading day. Gift Nifty was showing weakness whereas Nifty clearly opened in a good state on one side of both 20 and 200 MAs.

Decision - Never to trade GIFT Nifty anymore - will continue to trade Nifty Futures chart.

All rules remain the same. Trade only at 20 MA.

5 trades today and all went bad.

I am not sure what went wrong. But i have taken trades which was a bad location.

Lets ensure that things go back to normal again.

LOST MONEY

24th June 2024 - Monday

 New week - new opportunity - new experiences.

Strong bearish engulfing on daily timeframe. 23,427.5 is a support level for GIFT Nifty and is currently at 23,467. So need to see how the market opens tomorrow.

Based on how the opening is, trades need to be planned. Looks like a cautious day.

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Trading day -

4 total trades 

1. Took a PE trade - went to 1:2 and then market bounced back from almost touching 1:3 and took breakeven stop loss.

2. CE trade on an already extended market and took the SL

3. Same thing on 3rd trade as no 2. The market had already moved a lot

4. Sideways market for 3rd trade also

Another exit at almost cost.

21st June 2024 - Friday

 Friday cannot be a dry day - as i don't drink, i drink extra chai :).

Now, Fridays are typically for options writers - the market typically doesnt move much - but we will see.

Market is still overwhelmingly positive in outlook. Nifty is above 20 MA on Daily and 1 hour timeframe and up and down on 15 mins.

Will wait at least 30 min before trading. But one key lesson from today - not matter what, trade only at 20 MA.

Decided to practice this more and so will only play in 1 lot till i get more comfortable.

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Trading Day -

1. Started the day with a call option buy but it did'nt go anywhere and eventually crashed into my SL.

2. Second trade was taken incorrectly - i was looking at something on 1 min timeframe and just took the trade by mistake - didn't cut it as once trade is taken, its taken - this one also hit SL.

3. Third trade was correctly taken - the market was reversing and when it took support at 20 MA and bounced back, trade was taken - the market though whipsawed back, ate the stop loss And started moving back in my direction :)

4. The last trade was taken when market was reversing after trade 3 and broke the lower high, thats when i took the trade, again a call option - this trade went all the way and was successful.

Closed the day with a loss of 100 odd rupees. Need to ensure i don't take any wrong trades.

But overall a good trade - followed all the rules.

20th June 2024 - Thursday

Expiry day it is.

Nifty created an outside candle on 19th June. Fell in first half but recovered a bit in second half.

My outlook will stay bearish for now although Nifty is strong on daily timeframe. it remains weak on 1 hour chart.

Opening will be important and then need to play according to moving averages.

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Trading Day -

Taken 5 trades today - only one at SMA 20 and that made i to 1:2 and terminated at break-even. Didn't make it to 1:3 target.

Remaining traded were taken farther away from 20, although one of the trades was taken closer to 200 MA but came back to hit stop loss and and touched 20MA.

Key learning, no matter the candlestick pattern, DON'T TAKE TRADE AWAY FROM 20 MA.

One of the trades was taken at 20 MA but the price was making lower highs. So watch out for such scenarios also.

SO IN A NUTSHELL - TAKE TRADES ONLY WHEN MARKET IS IN HIGHER HIGH, HIGHER LOW OR LOWER HIGH, LOWER LOW PATTERN AND IS AT 20 MA.

LOST MONEY

19th June 2024 - Wednesday

Overall Context Nifty is bullish across daily, hourly and 15 mins timeframe. Do not want to short as a going in position. Will wait for price active to form but will look to take long trades.

Nifty has made a hanging man pattern on 18th June. 

Although it remains overwhelmingly positive, it needs to be seen what effect hanging man pattern will have.

Nifty has made 79 positions range on 18th June and traded in that range all day. This range for tomorrow remains no trade zone and trade should be planned once this range is broken.

Needs to be seen what the price action says on 19th June. In general, definitely looks like a buy-on-dip market.

Also, taking Bon to doctor tomorrow so might not have a lot of time to trade in morning. Will see.

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Trading Day -

Wasn't a great day overall and lost around 2500 with 2 lots of Nifty. The hanging man pattern did play out and the market crashed in the morning but ten recovered in second half.

A few modifications to strategy - i would like to go for bigger profits rather than 1:2. So I will go with 1:3 risk to reward ratio. Although once 1:2 is achieved, i would make it cost neutral - means move the stop loss to breakeven.

Do not want to go with trailing stop loss thing for now as Nifty does pull back quite a bit before the SL stops the erosion in profit - so 1:3 is better - not all trades will reach here but whichever do will earn bigger profits.

LOST MONEY

17th June 2024 - Monday

Markets closed for Bakri Eid.