01 September 2016 Trading Plan

I use Tradetiger for my trading. Its pretty good for charts.

Daily Chart on 31-August-2016 for Nifty

Nifty had gained more than 109 points..

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Its nearing to all time high

 

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Tomorrow market might be bit sluggish or positive depending on the news. You can see it closed above the resistence.

 

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Stocks to trade tomorrow

 

These are the list I got after running the scanner.

 

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1. ARSSInfra

Current location in Daily chart is in Supply hence it can get shorted.

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In the 15 Minutes chart

I see negative divergence. Hence I would short it tomorrow.

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2. Aegischem

Overall its a up trend, It has hit is resistence, Need to see whether it will break out.

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If it comes down would like to buy at 123.40 as it has good demand zone

 

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Also would like to enter at 129.40 as there’s a good demand zone in 15 minutes chart.

 

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3. Chennai Petrol

This has good up trending chart with no fresh supply. Hence can go up.

 

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In 15 minutes I don’t see any fresh supply and demand zone. If Nifty is doing good then would enter this stock.

 

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If any other good stock I’m able to find, I’ll update.

 

Plan Executed

 

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Had loss of –267.

Nifty was down today.. So there was lot of trade done on emotion basis, This I need to avoid. I just traded 1 stock according to plan which turned out against me.

 

Tomorrow I’ll try to stick to the plan.

Learned from few videos about Fibbonacci retracement but was not able to successfully do it in tradetiger.

Strategies I’m Currently Using

Scanner.

I ran the scanner for getting hourly trading. These are the parameters. This same scanner can be used for bullish/bearish you need to change the parameters

 

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Currently used Strategies

 

Previous night I run the scanner and using following principal I select few stocks for trading next day. This is currently used strategy I might change this in future based on the success rate achieved in other strategies.

 

1. Check how the daily chart is, Does it have proper demand zone

2. Check which location the current price lies.

3. Check if the stock is in high, equilibrium or low position.

4. Check 60 and 15 minutes chart

5. Based on the point number 3 check the trend of the stock and mark the demand, supply zone, entry, stop loss, target

6. Also check for RSI Divergence and whether stock is in overbought or oversold position.

7. Check the support and resistence.

8. Check if any breakout is expected.

9. Check if any of the stock is candidate for swing trading.

10. Isolate atleast 3-4 stocks.

How I started Trading

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For past 10 years I’ve been following stock market but was never able to make money and lost heavily. All the stock market investment was pure investment and was never intraday or swing or short term. I used to listen to tips or would emotionally buy stocks based on some stock sites and we all know when stocks are promoted that’s when it would get high buy rate normally. Overall I can say for past 9 years I’m at breakeven for losses and profit. Now for past 1 year I’m trying to concentrate on trading but was never successful in this. I had bookish knowledge but applying was always difficult because I was never in control of my Trading Psychology . Hence I decided to start blogging about my learning and stock trading for next day. As its written by Gurus, “Plan Your Trade, Trade Your Plan”. Hence the starting of this blog.