ICICI BANK - Long Position

29 Jun 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)

29 Jun 2018

Trade aktif

Long since 272 ( futures price July Contract)

29 Jun 2018

Catatan

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.

30 Jun 2018

Catatan

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.

1 Jul 2018

Trade aktif

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

2 Jul 2018

Trade aktif

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

2 Jul 2018

Trade aktif

Added to long position in futures

5 Jul 2018

Catatan

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

6 Jul 2018

Catatan

Closed @ 270

6 Jul 2018

Trade aktif

Shorted @ 270 (futures)

6 Jul 2018

Trading ditutup: target tercapai

Closed @ 267

6 Jul 2018

Catatan

Long at 270.1 futures price

9 Jul 2018

Trade aktif

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

9 Jul 2018

Catatan

Targets and all prices mentioned above are for July Futures

9 Jul 2018

Trading ditutup secara manual

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

9 Jul 2018

Catatan

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

12 Jul 2018

Catatan

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

12 Jul 2018

Catatan

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

16 Jul 2018

Trading ditutup: stop tercapai

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.

17 Jul 2018

Trade aktif

Long @ 262 (July Futures)

21 Jul 2018

Trade aktif

Holding long position

29 Jul 2018

Trading ditutup secara manual

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