NLC Nalco India Ltd

Wat does this chart say? This chart looks different

 

Nice cup & handle as well as
Inv head & shoulders pattern in National Aluminium (Nalco) and took 2 positions within 2 mths.

 

I took a breakout trade and the SL was below the lower end of the channel when I entered the trade and once the price moves up I'll have a strict 10% SL.

 

Agree...however as my TP is 20 to 30% then with 10% R/R comes to 2:1 and that's how I calculate my position size.
Ideally it is recommended that risk should be not more than 2 to 3% of the capital and if that is the case I need to increase my position size. And with swing trading I think if I use 2 or 3% as risk then I need to monitor the position on a daily basis which I can't do or unless I take a trade using hourly or 30min chart.
As most of my entries are based on high probability trade setups at EW3 or after volume confirmation I'm fine with this so far.
I used to have 2% risk for my forex trades and was used to be stopped out often
Anyways thanks for the suggestion I'll review my P&L and revise my R/R.

 

Thanks Shabbir for your suggestions.

I had reviewed the trade and noted that SL is @ 5% below the support zone from the entry price.
Due to few limitations in my account (from our Company's compliance) with a minimum holding period of 7 days I've modified my strategy to meet these requirements.

I'm happy to keep my SL to single digits however as I'm a part time trader and review the charts 2 times a week some of my entry price may not be text book perfect entries due to time constraints. What I mainly concentrate is if I'm able to capture 20 to 30% of the trend movement in a trend.