February 17, 2016

Market outlook + my trades

Daily charts
- trend is down on daily charts
- swing level has developed around 7200 levels
- today NF closed in positive
- AD was negative; VIX dropped 5%
- option writing support 7000 level

Hourly charts
- trend is up on hourly charts
- swing reversal level is now 6950F

5 min charts
- one long trade around 11 am - this was unreliable
- next long trade/ breakout from box was excellent trade.

My trades
- covered short position in nifty put options (positional, average profit)
- in hindsight, I could have held positions for more time but the initial loss exceeded my threshold so decided to exit.
- took long position in 7000 calls - this was thrice in lots of 300 each time.
- I normally start with fixed qtty and then add more on every new breakout
- messed up the trades because of other engagements.
- in hindsight, a bracket order could have helped for trailing SL
- overall a below average day with barely 7K in profits - shd have been atleast 20K
- day could have been better had the long position SL been properly managed.

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