8th May, 2013

+ve s AND -ve s:
1. Identified 9930.0 to be a good resistance in U5. Went short with few lots as at least a short term hedge against ALL my other (steepener) positions.
BUT didn’t hold on to it. Instead, made a short spread which got blown much too soon :-S

2. Bought Z5:H6 when the outrights looked a tad bearish (after #1 i.e.).
BUT when again when 16.5 in Z5 was holding, didn’t try and leg out, even partial lots.

3. When 9930.0 got blown, in U5, didn’t go long immediately.
BUT went long only 1 tick above, and that too with less lots, for that scalp.

4. #RedFlag -ve only
Suddenly went in long with 30 lots although market had become sticky. (1st mistake – Usually took trades with a clip of 10 today – too much increase in exposure). Abruptly decided to make spread since I wasn’t getting scratch. That too a 15 month one by shorting H7! Suddenly H7 spiked TWO ticks up, I booked loss, WENT LONG, and booked loss again when it retraced.
Learning: More often than not, the far months exaggerate and the move is > 1 tick. So, it is best to book loss at the 1st tick, especially when the entry was not planned. Because I held my position, had to panic and get out at the next tick. And consequently, got into REVENGE mode, and paid the price for indiscipline.

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