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[Taiki]

02 Jan 2014

Since last 3 days. Nifty is range bound in the range of 6340 - 6275. The range became narrower as the session proceeded, and forming a symmetrical triangle pattern in Nifty hourly chart.

Nifty Hourly chart

Once price comes out of this triangular pattern with volume, more momentum is expected in the direction of breakout. Expecting a breakout on upside as symmetrical triangle is a continuation pattern. But need to prepared for any probability.

Right now no positions in hand, But will enter after price coming out of this range.

Regards
Taiki

 

[Taiki]

02 Jan 2014

02 Jan 2014

Once price comes out of this triangular pattern with volume, more momentum is expected in the direction of breakout. Expecting a breakout on upside as symmetrical triangle is a continuation pattern. But need to prepared for any probability.

As per my initial plan went long in 1st hour when NIFTY came out of previous session's high. Went long in NIFTY FUT at 6370, with stop loss at 6345. But exited the long at 6390 when price failed to cross resistance at 6410.

Then Nifty crashed. Went short below Previous day's low. Shorted Nifty FUT at 6345 (which was opening bar's low as well). Bought 2 lots of Nifty 6400 PE at 150, as below 6300 (nifty spot) I was expecting it to fall to support line.

Nifty fell to the support line of rising wedge pattern. Holding short position for tomorrow. Rising volume indicates the support to be broken and more downside to be coming on future dates. But lets see where nifty is deciding to trade tomorrow.

Net Position

Short 1 lot NIFTY FUT at 6345, CMP = 6255
Long 2 lots NIFTY 6400 PE at 150, CMP = 190

Regards
Taiki

 

[surya_neo]

Is the above charting software Amibroker?

 

[Taiki]

Is the above charting software Amibroker?

Yep surya brother

Regards
Taiki

 

[Taiki]

NIFTY Weekly Chart (06 JAN 2014)

Nifty weekly chart shows the uprising price channel, and price facing resistance near previous swing high of 6340-6360, forming a bearish engulfing pattern. To confirm the pattern price need to trade and close below the low of previous week i.e. 6170. Previous swing low stays at 5970 and 5700.

DAILY CHART (06 JAN 2014)

On daily chart NIFTY has broken the uprising trend line. A high close, normal body range candle. NIFTY daily chart has formed a head & shoulder pattern with rising neck line, and price has broken the neck line on downside. Target based on the H&S pattern is 5970-6020.

On upside resistance stays at 6360 and on downside supports are at 6130 and 5970.

02 Jan 2014
Net Position

Short 1 lot NIFTY FUT at 6345, CMP = 6255
Long 2 lots NIFTY 6400 PE at 150, CMP = 190

Closed the long position in 6400 CE at 210 on Friday. But Short position in NIFTY FUT is still open.

Open position
Short 1 lot NIFTY FUT at 6345, CMP = 6258.

Will be looking for add more longs in 6300 PE once nifty starts trading below previous session's low i.e. 6170.

Regards
Taiki

 

[Taiki]

Open position
Short 1 lot NIFTY FUT at 6345, CMP = 6258.

Will be looking for add more longs in 6300 PE once nifty starts trading below previous session's low i.e. 6170.

Holding Short on NF at 6345, CMP = 6185
Bought 2 lots of NIFTY 6300 PE at 150.00, CMP = 160

Regards
Taiki

 

[dhananjaybais]

Hi Taiki,

I have gone through this tread from start to end and I must say your trading life has been full of many ups and downs. My heartiest wishes for your success in all your endeavors. I am new to trading and recently started reading YTC PAT as I found it to be suiting my personality of trading. I am working with the GOI and I can day trade 12-14 days in a month due to peculiarities of my job. I am in process of making my trading plan based on Lance Beggs's teachings. I am also interested in Swing trading as I cant utilise more that 10-12 days for day trading and therefore am interested in making a trading plan for swing trading also. As you are also on same boat though much more experienced than me, I need you to please suggest me some study material for swing trading and making trading strategy for positional trading.

Thanks and Regards.

 

[Taiki]

Hi Taiki,

I have gone through this tread from start to end and I must say your trading life has been full of many ups and downs. My heartiest wishes for your success in all your endeavors. I am new to trading and recently started reading YTC PAT as I found it to be suiting my personality of trading. I am working with the GOI and I can day trade 12-14 days in a month due to peculiarities of my job. I am in process of making my trading plan based on Lance Beggs's teachings. I am also interested in Swing trading as I cant utilise more that 10-12 days for day trading and therefore am interested in making a trading plan for swing trading also. As you are also on same boat though much more experienced than me, I need you to please suggest me some study material for swing trading and making trading strategy for positional trading.

Thanks and Regards.

Hi Dhananjaya brother,

Thanks for the kind words. Along with YTC, I will suggest you to read Marcel link's "high probability trading" and Thomas Bulkowski's book on chart pattern.
On trader ji, there are many good thread and learning material. please go through Saint's "Teach a man to fish", and Flow method thread, and ST da's 'thoughts on day trading". They are full of knowledgeable posts.

For day trading, please go through Nifty Nirvana's blog after completing YTC series.

Regards
Taiki

 

[timepass]

Holding Short on NF at 6345, CMP = 6185
Bought 2 lots of NIFTY 6300 PE at 150.00, CMP = 160

Regards
Taiki

Taiki, Infy results tomorrow. They have the capacity to swing the index 2-3% either way. Will you hold this position or square it off while you are still in good profit ?

 

[Taiki]

Taiki, Infy results tomorrow. They have the capacity to swing the index 2-3% either way. Will you hold this position or square it off while you are still in good profit ?

Hi TP bro,

To me NIFTY is still in sideways band. I have short position in NF and long position in 6300 PE. Will check how nifty is moving today, and will decide by end of today's trading session.

Regards
Taiki