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Thursday 24 January 2013

Today's Trades 23 Jan 2013

Today was a very good day for me. I made two trades and both in profits. (This is not the case always, there will be losing trades as well which I will post here with my comments)

Short Sell Century Textiles - Success

Today lot of brokerages gave a buy on Century Textiles and it started moving up after market open. But the stock started falling down, overall Nifty was also weakening. I know that the stoploss for most of long trades   were previous close and 412-413 for day traders. Luckily this support broke and I entered a short. Technical reasons for shorts are explained in the charts. The stock fell down after the short very quickly , so I took few points profit and closed the trade. 
Century Textiles - 5 min chart

Century Textiles - 2 min chart
Century Textiles - Square Off trade

Short Sell DLF - Success

My second trade on DLF. There were lot of buy call on DLF from brokers, yesterdays business standard paper had given a sell call on DLF. So I was looking for some sell signals in DLF. It went up in the beginning, but started falling with Nifty. When Nifty broke days low, DLF also broke the days low and pivot. Lot of buying positions would have had days low/previous close / pivot as stop loss. Crossing that is an excellent opportunity since stock will go down at least due to SL triggers before bouncing back. This is what exactly happened here. See the charts.
DLF Entry - 5 min chart 
DLF Entry - 2 min chart

NIFTY - Crossing days low at the time of short selling DLF. This explains the importance of co-rrelating some of the trades with NIFTY
DLF Entry - 30 min chart

DLF - Square Off trade


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