Back to the basics

Just as it looked like the Nifty will end the day without hitting my STT sell levels or my LTT buy levels, it crossed 5610 and triggered my LTT buy. This makes me 100% long on the Nifty (2/3STT + 1/3LTT) The LTT buy happened late in the day and I am always slightly tense about a trade in the last 20% of the trading day. There is just not enough time for the market to move in your direction and I feel like I am taking the overnight risk without enough compensation. Be that as it may, I went ahead and bought as a matter of discipline.

The Sell level for both STT and LTT is coincidentally at 5527 i.e. if Nifty futures happens to go below 5527 then I will cut both my STT and LTT long positions and go short on STT and LTT. This implies that I will swing from a 100% long position on my book to a 100% short position. Not an ideal situation but the system calls for it sometimes.

Even as I write this note, Federer and Tsonga have played some great tennis. Tsonga was on fire. To come from 2 sets to nil down against Federer and to win in 5 is an incredible achievement! This match was an ideal end to the day. How I wish there is such good passive entertainment daily!                        

Current Position : STT Long and LTT Long                                        

Probable Trades: STT: Cut long and go short < 5527

                          LTT: Cut long and go short < 5527

P.S If Nifty manages to stay for one more day above 5600 then I think 6000 is possible within 3-4 weeks. Gut feel....not a system trade.