Trades on 1st Dec 08

Here are my trades for the Day:

HDFCBANK:

Trade 1:

Long View Entry: 963 Exit: 958

I have noticed HDFC Bank looking strong among all stocks in my watchlist. So was waiting for a pullback to go long. I got the pullback at around 11:15. So have taken a long position at 963. I decided 960 as Stoploss. In less than 10mins my stoploss was hit and i got out at market price, which was 958 at that moment. 

I don't find any fault in myself about this trade, it genuinely looked like a pullback.

Trade 2:

Long view Entry: 961 Exit: 962.4

After noticing HDFC Bank going up after a pullback, i placed an order to enter at 955. I missed on that price and it went to 961 before i could change it to market order. 5Mins after my entry, i realized that there might not be anymore up move left. Nifty has made day's low on futures and even banknifty confirmed a downtrend. So i got out of the trade immediately at 962.4

Fear of loosing out on the upmove has made me to enter this trade. I should avoid such entering trades in a Hurry

Trade 3:

Short View Entry: 958 Exit: 950

At around 1pm I noticed HDFC Bank not making anymore new highs. Nifty has hit day's high at almost the same time but HDFC Bank, which looked strong isn't making new highs anymore. In fact it formed an ascending triangle. Nifty quickly moved to the bottom of its trading range and broke it. So i expected HDFC Bank also to breakdown its triangle formation. So entered short at 958. Out of fear of loosing one more trade, i was happy when HDFC Bank reached 950, so i got out of the position. The entry was pretty good in this trade, but the exit was horrible. It was such a wonder full trade to be in... i stupidly got out of it.....

It looks like, i have some serious shortage of skill in converting a good trade into actual profits in my account.

SBI:

Long View, Entry: 1055, Exit: 1056

The markets started to fall since about 1pm, so did the SBI. Interestingly, from 1:30 to 2:30 nifty lost about 3% but SBI stayed at 1050 for the whole hour. That's when i realized SBI would be one of the first stocks to move up when markets recover. The risk reward is very good. So entered SBI at market (1055). This entry was a bad one. A closer look at the chart, indicated that 1050 to 1048 would be an ideal entry. After the entry, i was waiting for the markets to recover so that SBI would move up. The markets kept on falling for the rest of the day and SBI haven't recovered. Finally 15 mins before close, out of frustration i places a cover order at 1056 which got triggered. But SBI went up to 1062 in that move. This trade both Entry and Exit are driven more by emotions than by logic. A logical trade would have easily given a 1% move.