Positional Trading Diary

Starting this positional trading diary just to track my trades here. It will allow me to share my ideas too. Let us see how it goes. It's positional trades hence there won't be trade everyday. However will try to update the trades and ideas here.

Trade Started on 1/4/2015:-

I chose this day to start a new trade reason is RSI is turning upside, MA is turning upside and MACD is about to cross. For me any two indicators showing signal is enough to enter the market. This is daily time frame chart. Now these indicators are giving you the direction. How to enter the market is discretionary for each trader. 

How I entered a long position on 1/4/2015 :-

I decided to wait for a dip to enter the market on that day and started observing 30 min chart. Market created a range for the day and kept a SL buy order above the range. I got a fill around 8550 levels.

As per the strategy the trade should still continue as there is no reversal seen in any of my signals on daily time frame but I got out around 8780 by keeping a SL on 30 min time frame chart. 

Again I entered a long trade today around 8825 which was a resistance for past few days and RSI, MA and MACD is in favor so there is no point taking short. Let us see how this one spans out.

Update 15/04/2015:-

Market was bullish and I had a position in long side. Now the question comes why I exited at cost and what was the rational..Here goes the explanation

The red line in chart is yesterday high. When it hit that area it started coming down and there was no movement above that. That was the initial signal that its not moving higher and there is resistance. I could have scalped and exited with some profit but it will not allow me to take bigger profit if it breaks that resistance. So I kept SL at day low to reduce the risk. So we have to compromise with big profit or taking a hit with SL. 

Cheers..happy trading!