Bank in a box.This bank is caught in a 10% range box from almost 4 months now. This is the 7th time stock is near to lower end of the box which indicates weakening of support. NSE:INDUSINDBK is now ready to move out of this box.
INDUSINDBK trade ideas
Day 27 of Live Algo Day Trading JournalDay 27: Another trending day. Algo gave good entry and exit, perfect as per coding.
Progress : No chasing/FOMO/anxiety (well almost)
Learning : Need to chase profit and not let it slip away, market is supreme and smartest of all. Money is more important than getting the math right. Will chase with TSL manually when putting a stretch target.
Day 26 of Live Algo Day Trading JournalDay 26: It turned out to be a good trending day today. Right from the morning the market decided to fall and kept falling. Yesterday I had tweaked my algo to take entry on pullback. Unfortunately, the morning pullback was not strong enough to get me a signal, so missed the morning trade. However, algo caught the afternoon pullback and gave me a good profit of around half a percent.
Internet consistency is an issue which is pestering me since long (now I realise that its this thing which made all my algos go wrong when I used to subscribe to other algo developers/websites). Will have to do something to raise an alarm or a flag whenever there is a drop in internet.
This drop made me take two manual decisions - one to get out when I saw that all the exit levels were broken and yet I was not getting any signal (that's when I realised that the data is not coming) and second time when algo did take the entry (because of wrong data), and then I got anxious as there wasn't enough time left and thought that the market might reverse as everyone would start closing their positions.
Progress : stuck to algo and let it run its course
Setback : Took manual decisions and got panicky/anxious when there wasn't enough time left.
Day 25 of LiveAloDayTradingJournalDay 25:
Another Monday after a weekend, however, now I don't feel the pressure of being wrong because I was out of sync with the market due to the weekend holiday. Now it seems the faith on the system is taking over and the thought never occured to me that its Monday. I just let the system figure out the signals and let it work. I just sat in front of it and just kept an eye on if the connection is still there and the internet data is flowing. Rest... the algo to decide.
Algo worked very well giving me the correct entry and exit signals and made a good half a percent today.
Progress : Faith getting better, anxiety gone, no panic/fear, no FOMO even when I can see the signals where I could have got in manually, yet did not take any manual positions, no emotional upsurge of taking manual position.
INDUSIND BANK MOVING IN A PARALLEL CHANNEL.Indusind Bank has been moving in a rising parallel channel from 23 January 24. The difference between the lower trend line of the channel and the upper trend line of the channel is Rs 122 to Rs 130.
On April 19 it bounced from the lower trend line. If you feel like taking a chance you can buy and look for an upside of Rs 90 atleast.
Day 24 of LiveAlgoDayTradingJournalDay 24 of DayTrading:
Let the algo run from morning. Did not tinker with it the whole day. Algo gave correct signals, however the market volatility got me and took away my profits. During the day, had the feeling that now I shoud stop the algo since I was in profit of >1%, however, let it run as I need to develop faith on my algo. Overall, an OK day, but the mindset and discipline is getting better.
A bullish corrective patternIndusind Bank CMP 1496
the sideways consolidation is a continuation of the fall from the highs. Hence in my view this will break down. Close below 1437 will be very negative as this correction will become very deep. Good news is tht it will an opportunity to buy and this is a bullish corrective pattern in Elliott called the zig zag.
Day 23 of LiveAlgoDayTradingJournalDay 23:
As expected, today being the day after a holiday (a trading break day), turned out to be a bad day. The markets remained range bound the whole day (for my stock) and just kept on hitting SL on both sides, frustrating (now, it's more like trying to frustrate). Anyways, I stuck to the algo, not doing any manual trades and the algo did not fall for anything, just the usual bearable defined losses.
Realised that I dont trust all other algo websites from where I used to subscribe, is due to this; the drop in continuous internet. This is the culprit that makes my program lose data and give wrong results. So... will have to compensate for it.
Progress: No FOMO, Anxiety, or front running, or anything else. No such emotion arose, I just let the algo do its job even when I can see that it missed the signals due to data loss.
So, a bit more progress today.
INDUSIND BANK - TARGET – Rs 1575IndusInd bank share has taken a strong support at 1440 price levels and surpassed the first resistance level of Rs 1500. A rise in buyers and volume level suggests that the share may reach its short-term goal of Rs 1575 in less than a week. The next target, if it breaks those levels, is Rs 1690.
Day 22 of DayTradingJournalDay 22 of DayTradingJournal:
Let the algo run from the morning. Algo did a good job. Had an issue with internet in later part @2:30 when it stopped downloading data and hence no signals. This eroded my profitablility, otherwise later on I checked up eod data and ran a backtest to see the discrepancies in the live vs backtest data. Surprisingly, both matched. Other than the internet issue everything else is OK.
Progress: No FOMO, no temptation (or controlled it), faith in system.
IndusInd Bank Bearish Engulfing ChartIndusInd formed bearish engulfing candlestick pattern on daily chjart. Weekly chart closed below previous support ~ 1510.
Sellling Zone Current Market price ~ 1446, 1450
Stop Loss ~ 1528
Target ~ 1244
Trade nature: Positional
Day 21 of DayTradingJournalDay 21 of DayTradingJournal:
Full live algo deployed. Algo did very well compared to what I think I'd have done had I taken trades manually. Algo did as expected, taking all the entry, exit, SL, Tgt signals correctly.
Progress: No manual trades today, no FOMO, no front-running the signal, no fear/greed while sitting in front of the system. Had an instance when I was tempted to take a manual trade, but stopped myself from doing it and kept the faith on the algo.
Setback: today, nothing.
Day 20 of DayTradingJournal - LiveAlgoFirstTestDay 20 of DayTradingJournal:
Today I did my first test of the algo that I have been trying to make. I put it live right from the morning and let it take all the trades that comes its way. Surprisingly, the algo did very well. (I think if I did manually, I might not have been so good).
Learnings for today: Keep the faith on the system, it pays well.
Since TV does not allow publishing of live data, I made a video of it to check for later. You can check the live trade of algo on my YT channel at hiren2517 (TV doesn't allow me to paste the link here)
Day 19 of DayTradingJournalDay 19 of DayTradingJournal :
Good day today, the algo performed as expected. Gave correct signals and fired correct signals to broker account. Tried tweaking some more, but then after running on dummy account realised that the existing setup is better, so will continue with it tomorrow as well. Tomorrow, will let all signals go through the algo and see how it performs during the day.
Take away for today: Faith on the system, giving it time to unravel the gift it has, it takes it time, give that time and you'll be rewarded.
Day 18 of DayTradingJournalDay 18 of DayTradingJournal: Today was a good day with my algo finally doing as expected. Had this issue since last two days, though I had fixed it up last night, however, realised a small bug had crept up, was taking data from one set and applying to another set and expecting correct results. Obviously wrong, got it resolved and then tested it. The algo now gave the expected results.
Today's trading take away: Mirrored a trade as per algo's signals even when it looked like I should take trade on the other side (had there been no algo signals, i'd have taken the wrong trade as the charts and markets decieve you), but then I decided to keep the faith and took the trade suggested by the algo. Turned out good and profitable. There was an instance or two wherein the lizard brain tried to get to me to get out the trade but I persisted, kept the faith and let tha algo run and give signals. So, progress on two fronts - faith on system and control on lizard brain.
Day 17 of DayTradingJournalDay 17 of DayTradingJournal:
Today was a very boring day if you are only into trading. I got busy on working on my algo since it was not yet ready and I was not getting response as expected, still working, hopefully should progress little bit by tomorrow. So, a productive, busy day, but no trading.
Day 16 of DayTradingJournalDay 16 of DayTradingJournal:
As its with me and Mondays, weekend made me lose my sync with the market, took some manual trades looking at the charts and ended up making losses. Did some more coding on the algo yesterday which did not work properly on the broker's account today and hence was tied up in resolving that. Got resolved by day end, so hopefully tomorrow back to testing.
Day 15 of DayTradingJournalDay 15 of DarTradingJournal :
Good day today, algo gave good profit. I also made some profit trading manually. Need to learn to keep faith on algo, it keeps on doing better than me.
Day 14 of JournalDay 14: Day Trading Journal
Today's lesson : Keep the faith on your system and blindly follow the signals.
Day 13 of JournalDay 13 of day trading journal.
Stayed away as could not login in the morning, so could not get insync with the market.
Let the algo run and do paper trade for records and understanding and faith on the system....worked out well, will continue.
Day 12 of JournalDay 12 of day trading journal.
Good thing about today : No impulsive trades, no panic, no FOMO
Paper trade on my excel based algo gave good results (better than my manual trading).
Indusind BankAfter Down Move stock went in consolidation so one can trade this stock on support and resistance basis
CALL DEBIT SPREAD/PUT CREDIT SPREADCALL DEBIT SPREAD/PUT CREDIT SPREAD STRATEGY
It is part and parcel of the verticle spread family , to be used in bullish market view.
Loss and profit is limited .
Educational video only take your trade after consulting your financial advisor.
