ICICI BANK - Long Position

Jun 29, 2018

I know this looks like quite a mad decision but I have gone long on ICICI Bank since yesterday @ 272 (futures price).

- It has retraced to almost 78.6% of the rise from 3rd April to 15th May A very deep retracement
- Immediate target = 288 (futures price July Contract)
- SL = below 268 (futures price July Contract)

Jun 29, 2018

Trade active

Long since 272 ( futures price July Contract)

Jun 29, 2018

Note

Daily chart seems to forming a Hammer candle after what is more or less a series of 3 Falling Crows (with a tiny Doji in between). Theoretically that is bullish.

Jun 30, 2018

Note

Highest Open Interest addition is at 260/270 & 290/300/310/320 (spot prices). These could be SL & Target levels. I have written puts at 270 in addition to being long @ 272 in futures.

Jul 1, 2018

Trade active

On Monday I will set 290 (futures) as immediate target and reduce some of my bullish positions.

Jul 2, 2018

Trade active

Moving beautifully... Target set at 290...

Jul 2, 2018

Trade active

Added to long position in futures

Jul 5, 2018

Note

ICICI Bank price action has developed arthritis!! But hopefully it will move sometime soon. Holding long position.

Jul 6, 2018

Note

Closed @ 270

Jul 6, 2018

Trade active

Shorted @ 270 (futures)

Jul 6, 2018

Trade closed: target reached

Closed @ 267

Jul 6, 2018

Note

Long at 270.1 futures price

Jul 9, 2018

Trade active

Finally some signs of a recovery!
Targets: 275/280/285/288/290/301/313/325

Jul 9, 2018

Note

Targets and all prices mentioned above are for July Futures

Jul 9, 2018

Trade closed manually

Closed for a modest profit of 8k per lot. Moving too slow for too long. Released margin for new trades.

Jul 9, 2018

Note

It was a good idea to exit ICICI Bank when I did.

Jul 12, 2018

Note

Re-entered long in ICICI Bank...
The Daily candles today and yesterday seem to be forming a bullish Harami pattern

Jul 12, 2018

Note

Long position because:
- Very low stochastics on the daily chart since about 5th July
- Price action has been finding support at 127.2% extension of the drop from 15th May to 31st May. Often this is a point of reversal and it has been consolidating at this level since 28th June.
- And finally as I mentioned earlier there seems to be a bullish Harami candle pattern forming in the daily charts

Jul 16, 2018

Trade closed: stop reached

260 SL hit. I expect a support levela t 257/252. ICICI Bank is severely oversold so there may a good opportunity at this price level. However, in futures the lot size is 2750 so Mark To Market margin requirements could be quite high. Shall watch the situation tomorrow and then decide on a trade. Or may enter long in the spot market for long term holding.

Jul 17, 2018

Trade active

Long @ 262 (July Futures)

Jul 21, 2018

Trade active

Holding long position

Jul 29, 2018

Trade closed manually

Rolled over July futures position and closed Aug futures at 290 which was my target