This is my trading file to organise and jot down my take on the market .I do Technical Analysis. This blog is to keep track of my baby steps so that I can look back at my journey .Looking back tells me how far I have come from days when I knew nothing and can go further .It gives me motivation to keep going on even when I am tired. One has to back up trading with their own studies. The charts I post here are 99% inspired from Ilango sir.

Monday, 2 July 2012

2nd July 2012

Spent my weekend reading " The  complete guide to Day trading " by Markus Heitkoetter .
After I finished  reading one thing that I can't seem to forget is " A monkey can enter a trade , but money is made ( and Lost) when a Trader exits the trade " .

It seems all these books are written just for me .

Before one starts to trade one has to know
First and foremost is to determine the Trend . When the trend is Up , avoid selling and vise versa.
Make small but consistant profits .
One HAS to close the trade if either Target Hits or SL hits. NO staying on for a bit longer.
Discipline and Patience is the KEY to success.
Keep your trading as simple as possible .

having said that lets get to the charts ....
Following is the day chart with trendlines drawn from recent low of 4770

this tells us that , If we open around the levels we closed yesterday ...then probability of a range bound day is there ....
and IF we open Gap up ..then this red trendline would act as support for the further upmove of prices.

9:42 AM

Prices opened closer to last close and previous day high .
ORB is 5266-5290
prices look weak as they are trading below day high and previous day  high acting as resistance as of now , probability of touching supports look more today .


SMART Trader said...

"Discipline and Patience is the KEY to success."

I beg to differ, Madam.
Enduring edge is the key to success
Discipline and Patience will automatically follow


Smita said...

What do you mean by Enduring edge ? I did not follow can you elaborate.

SMART Trader said...

To Become consistently profitable we need a method with an edge. A method is having an edge if
1.We are right more than we are wrong
2.We make more when we are right than we lose when we are wrong for a given position
3.We are betting bigger when we are right than when we are wrong.
This will happen only if your method is based on the reality of the market.


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