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Sunday 10 March 2013

Todays Trades 08-Mar : 2 winning trades

1. Trade 1 – ICICI Bank – Successful Buy

20 min after days opening, I was looking for a buy above my level of 1128. However day’s high was acting as a resistance.
Finally when days high crossed, MACD was sloping down and never really made a bullish crossover, so I did not enter here. In few minutes ICICI fell down, but still above the SL for longs which was at 1112 . Finally second half, ICICI crossed the resistance with rounded bottom, MACD bullish cross, and upwards RSI. I entered and was luckily into the rally. Please click on the chart for more information.

2. Trade 2 – SBI – Successful Buy

20 min after days opening, the stock was above my buy level, hence entered with SL at 2160 levels. Charts were not very supportive for this trade, but I decided to stick on to the SL and finally it was a rewarding trade. The stock showed similar behavior of fall and then rise as ICICI Bank did.

3. Trade 3- ONGC – Successful Buy

I traded ONGC based on levels, at 09:35, the stock was attempting to break above day’s high. Entered here and booked close to 3 points (lot size 1000).

4. Trade 4 – Cipla – No trade.

It reached way above my level of 388 in 10 minutes, so I decided to skip. But the stock made a high around 393.

5. Trade 5 – Maruti – Exited close to cost.

Maruti pierced through the resistance R1 (refer chart) and it was above day’s high. So I entered here. Though the stock moved up further, I did not get time to book partial profits at the next high. Stock finally drifted down and MACD gave bearish crossover. This is the first sign of danger, finally I exited when the candle was below the 20 MA line. This is what will happen if you dont book profits on time.

Maruti fell substantially then, resulting in a Dark Cloud Cover pattern in daily chart. This happen when the day opens gap above previous close, but ends below 50% of the previous days candle. This is bearish signal in daily charts. Confirmation will be another red candle closing below the bearish candle. So I will be long on Maruti for Monday. Please click on the chart for more information.



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