Wednesday, April 29, 2009

Trend turns down (finally !!!)

Whew.. finally my system says its time to book profits and go short. It might be wrong, but in that case will get stopped out when the time comes for a small loss. These whipsaws will happen, and happen a lot, but its huge moves like the one we saw is what I am playing for.

Have closed the position yesterday(28th April) in last 15mins at 3370. We had gone long in March when Nifty was at 2710. There was also the rollover cost of selling March futures at 3080 and buying April futures at 3090. Thus net profit is 3370-2710-10 = 650 points for this long trade.

Interesting point if you will notice is that my last post was written 20 days back, and at that time nifty was at 3360, and yesterday i closed the position at 3370. So effectively in 20 days Nifty has hardly moved from where it was. I intend to form a table soon , where in the trade details can be regularly updated and can be seen at one glance.

So that's it from my side. Its short as of now.