Trading Journal on 13 June 2017

ICICI Bought @318.75 Stoploss Triggered @ 314.85

Bought icici bank on the basis of trendline breakout Strategy. It broke yesterday trendline price and expected a "V" shape Price Movement. But the Price moved again to low point and hit stoploss with little slope trendline. Ie. The price broke trendline but still in Downside Movement.
Real this Article Trendline and Change in Momentum



 Axis bank Bought @ 510 Stoploss hit @ 506

The trade actually based on 2 strategy or ideology
One is Trendline Breaking and Support Pull back Trading

The stock broke a trendline(Wrong Trendline) and expected up move. The trend line was actually worng because i avoided the topest point while drawing the trendline. Trend line should be start from the topest logical trendline point for true and correct result.
if the trade is on the basis of trendline breakout, the stoploss should be yesterday's Low.

The secong logic was this. there is a support line at 505.40 price level. The stock retraces from the support level yesterday and there was a gap up opening on the day i trade. That's why i expected the stock may have up move.
If the trade based on the support pull back, The stoploss should be below the support levelat 505.38 that still have not broken.
Auropharma Bought @ 611 Stoploss @605.50 Stop loss hit

The stock was in a trading range Uptrending Channel (seem to be wedge pattern). In this type of price movement, price retraces from support and pull back from resistance. The stock i bought near it's support line expection up move to 621 price level.

It was actually wrong trade. Because, Buy stock only after retracing (pull backing) from the support level in such a situation (or in such pattern). Never buy a stock as soon as the price of the stock hit support (or near the support). Buy stock only on pull back (retrace) after hitting the support. that's why it is considered to be a wrong trade.

There were a trading opportunity in the stock on last day it broke the up trending channel. Or it broke the trendline support move to down

Coal india Short @ 259.70 Stoploss 261. Exit with small profit

The stock was in downtrend for the past 3 days. Drawn a trendline connection higher point. the trade was short at 259.70 expecting further down movement. It cann't be considered as good trade. Because i entered in wrong price level.
This type of chart offer two entry level strategy
One is short at resistance (Means pull back on resistance area after hitting resistance trendline). here Trendline is Resistance
Second is Low of the day. Mean sell the stock as soon as the stock move low of the day
Here the stock did not hit the resistance trendline and did not move to low of the day. hence the stock actually not provided a sell oportunity. that's why it can not be considered as good trade.

Grasim sold at 1121 stoploss at 1133. Exit with Small Profit

The stock Made a downside movement 2 days ago. After that the stock witnessed a little retracement. The stock seem to be continue it's downside movement today. a big candle with high volume indicate the stock starts it's continuation of it's downward movement.
i made a short entry on 1123 level. But actually this was not point to short the stock. because the stock is still in inside it's triangle pattern. once it break the triangle pattern, it may be a good opportunity to short

Ambuja Cement Short @ 233.40 Stoploss at 236.30

The stock was in downtrend and have periodic price high reversal point at top. The stock reversed every time after hitting resistance line. Here trendline is the resistance. Today we short at resistance level. But stock did not move to downside as expected. Exit with small profit

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