isa's short term trading journal

This is a discussion on isa's short term trading journal within the Trading Journals forums, part of the Reception category; Originally Posted by isatrader Trade Vedanta Resources Jun 11 Spread Direction: Long Entry Price: 2419.16 Stop: 2248 Target: 3090.95 Account ...

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Old Jan 24, 2011, 10:33am   #89
 
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Vedanta (VED) Ė Exit

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Originally Posted by isatrader View Post
Trade

Vedanta Resources Jun 11 Spread
Direction: Long

Entry Price: 2419.16

Stop: 2248
Target: 3090.95

Account Risk: 2.09%
Potential Account Profit: 8.19%
Risk Ratio: 3.92

This is a big position for my account and breaks my rule of a maximum single position risk of 0.5%. However, Iíve bought this as an intermediate term buy using the June 11 Spread, so Iím able to hold it until 14/06/2011.

Entry Reason
Vedanta has pulled back to itís 50 Day EMA after a strong breakout of itís year long consolidation pattern in December. Price managed to stay above yesterdays low and a potential double bottom is forming. Itís above itís 200 day moving average which is currently 2300.23 on the actual stock.

The fundamentals look good as well with +75% EPS growth forecast to 31-Mar-11 and +105% EPS growth to 31-Mar-12. Recent broker upgrades by Deutsche and Morgan Stanley to 3600p. It also has a strong Quick Ratio (Acid Test) of 2.22
Closing trade

Entry: 21/1/11
Price: 2419.16

Exit: 24/1/11
Price: 2394.52

Points: -24.64 (-7.64 inc spread cost)
Trade Percentage: -1.02%

Daily Channel Captured: -6%
Trade Grade: C-

Account P/L: -0.30%

Exit Reason
Vedanta opened around 1% higher this morning, but sold off quickly back past my entry point. So even though it hasn't broken through the low on Thursday and could still bounce there I've decided to close the position as the risk is too much for my account. I believe in Vedanta as a long term play which is why I own the actual shares in my ISA, but short term it's unclear for me where it's going at the moment.
Attached Thumbnails
ved_30min_21-1-11_entry.png   ved_30min_24-1-11_exit.png  
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Old Jan 24, 2011, 10:41am   #90
 
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Re: UK Shares Trading Group Idea

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Sounds good to me, I'm in.

What did you do with Vedanta?
Cool, I think it will be good.

Sold Vedanta at 9am for a small loss. Will probably be the pivot low now, but donít want to be stressing about a position. Was just too big for my little account. I have to stick to positions below 1500 points.
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Old Jan 24, 2011, 10:52am   #91
 
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re: isa's short term trading journal

isatrader started this thread I'm trying to think where the best place to put our trading group thread is. I think maybe one of these two?

– Spread Betting
– Swing & Position Trading

The Spread betting section seems to have more active people on it. So probably that one?
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Old Jan 24, 2011, 11:20am   #92
 
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re: isa's short term trading journal

Quote:
Originally Posted by isatrader View Post
I'm trying to think where the best place to put our trading group thread is. I think maybe one of these two?

Ė Spread Betting
Ė Swing & Position Trading

The Spread betting section seems to have more active people on it. So probably that one?
why not UK equities?

jon
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Old Jan 24, 2011, 11:23am   #93
 
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re: isa's short term trading journal

Quote:
Originally Posted by isatrader View Post
I'm trying to think where the best place to put our trading group thread is. I think maybe one of these two?

Ė Spread Betting
Ė Swing & Position Trading

The Spread betting section seems to have more active people on it. So probably that one?
The SB thread sounds right.

Well done on Vedanta. I think you are probably right long term but for a day/swing trade it seems quite punishing.

I used to trade shares via CFD a few years ago - (my tag says something like 'Newbie' but I've been around this forum since 2003 and been trading since around 2000) - but ended up getting crushed by volatility and gaps in some of the shares I chose. Plus, I was a lot less experienced. Am considering a move back to it in a small way via level 2 order books.
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Old Jan 24, 2011, 11:39am   #94
 
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re: isa's short term trading journal

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why not UK equities?

jon
It was my original plan to put it in UK equities, but I thought it might be out of place now as although Iíll be doing UK equities, other people might be picking indicies or forex positions, so I think it needs somewhere broader now. Any other suggestions that you think would be good?
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Old Jan 24, 2011, 11:54am   #95
 
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re: isa's short term trading journal

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Originally Posted by SlipperyC View Post

The SB thread sounds right.

Well done on Vedanta. I think you are probably right long term but for a day/swing trade it seems quite punishing.

I used to trade shares via CFD a few years ago - (my tag says something like 'Newbie' but I've been around this forum since 2003 and been trading since around 2000) - but ended up getting crushed by volatility and gaps in some of the shares I chose. Plus, I was a lot less experienced. Am considering a move back to it in a small way via level 2 order books.
I don't take a lot of notice of the tags as they are just done by how many posts someone makes. I tend to click on someones name and look at the all posts page for the person. You can see at a glance the kind of things they have said and what they are interested in. For people who haven't posted I just approach them with an open mind, as I realise there's a good chance they'll know a lot more than me as I've only been trading since 2007.
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Old Jan 24, 2011, 2:30pm   #96
 
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re: isa's short term trading journal

Goddamn Vedanta! For now it appears to have double-bottomed around 2360 and bounced nicely!

If you've got the margin and stomach, thats a nice 100+pts round trip in one day - so far!
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