December 18, 2018

My trades

I went long in nifty futures based on Renko charts on Friday with box size of 20 points. Since in renko charting system the reversal box appears when the price moves twice the box size, my stop loss was 40 points.

Entry price       - 10823 ( it had to be 10820 but i could not punch order at that exact price)

Stop loss price - 10780

Trailed  SL       - 10820

Reasoning behind this trade set up : I usually take trade based on kpl swing indicator. But this time i just experimented with renko chart. What i strongly believe and learnt from Kamalesh sir is that no matter how the trade set up is built, if that set up involves a stop loss to control the loss and also provides a scope for that trade to make big profits then it can be taken.

This particular trade mentioned above is now virtually risk free ( Ignoring over night risk as i mitigate it with OTM options) since i have shifted my stop loss to the entry point. Now i dont really have any exit plans for this trade when it is moving in my profit zone. Will update about this trade when i make a exit.

I will also be taking trades based on kpl swing from tomorrow and same will be posted .

P.S. - This is my first experience in blogging , so please forgive me if i lack clarity in my writing and help me in making it better. I also want to thank kpl sir for giving me this opportunity.

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