Daily Tryst with Nifty

[GAUTSHAR]

SGX dekha kya --- Bid 4610, Ask 4617

Kal bam phatne wala hai lagta hai

SM i think that SGX shows a possible opening for NF btw 9-9.55 indian time only as by that time it has seen the close of US as well as initial trends of asian mkts. Though i might be wrong on this.

 

[Sunil]

Which broker for crude oil?

Great. If u have time try to make some strategy on Natural Gas to trade on thursday between 7.45 to 8.30 pm with a simple SL. I have been following it for an year now and see a consistent pattern being repeated 85 percent of the time.

Gautshar,
I am not even a week old w.r.t. commodities... I can't commit from when, but I would keep this in mind. Thanks a lot for this gesture.
But, as of now, I want to focus only on CRUDEOIL.

LT,
As of now, trading chota qty with Sharekhan where commodities is inbuilt in the equity trading terminal - TRADETIGER.
But since my main broker is RELIGARE (60% less brokerage as compared to Sharekhan), I would be shifting to it very soon. Infact, I have just filled up the application form.
I want to start it before 5th August, as a 3x gift to myself.

 

[lazytrader]

LT Bhai -- Rounding top kind of formation --- Right?

Of course not much time left today -- but for understanding purpose ...

Not sure about rounding top which chart are you reffering to?

LT, would appreciate a bit more explanation .

I have just started learning technicals [Reading Technical Analysis of Financial Market and quite liking the book].

Regards,
-Sri

What I have noticed is when the candles are sticking to one end of the channel or resistance then it breaks out on that side. If it ever goes to the other side then rapid move away from the side will sometimes continue till it breaks out. check out some daily charts from feb-mar.

I am not very experienced either. Most of what I know is by reading and watching other experienced traders.

 

[humble]

Sunil, Thanks for the wonderful description :clapping:

Regards,
-Sri

 

[GAUTSHAR]

as of now, only crude is within radar, as its price is nearly as same as Nifty...
My mind is more comfy now with 3xxx / 4xxx series - thanks to daily & sole trading of Nifty

Sunil, i think u r open on crude today. whats the bias u have gone for. its above the congestion at 65.50-66 and is targetting spike high registered day before

 

[MurAtt]

This one below. See the last hour or more (same as the first hour or more) where after an upmove it starts coming down in a semi-circle kind of formation.

Rounding bottom and rounding top.

 

[Sunil]

SGX dekha kya --- Bid 4610, Ask 4617

Kal bam phatne wala hai lagta hai

Thanks to DOW - trading 9000+ and near its 2009 high...
Nifty's 2009 HIGH = 4703

SM i think that SGX shows a possible opening for NF btw 9-9.55 indian time only as by that time it has seen the close of US as well as initial trends of asian mkts. Though i might be wrong on this.

you are right....
SGX has one AM (morning) scrip for nifty, and one PM (evening) scrip for nifty.

Thus, 2 types of Nifty for same month.

 

[lazytrader]

Sri,
the scenario is as follows:
1. The charts show an apparent ranged trade (defined by HORIZONTAL lines) such as rectangles, H&S, Inv H&S
2. The theory says that break of one side will lead to move equal to the height of the pattern (difference between upper & lower levels of the band) and the movement will be towards the direction of the break. Let's call this difference as "T" and direction of initial break as "D-1"
3. If the price does not move "T" points towards the direction of the break, retraces back into the band/rectangle, and then breaks the opposite level of the band (D-2) then this is called breakout/breakdown failure (as case may be).
4. I have observed that in case of such failures, the resulting movement would ideally be equal to twice the "T" in direction "D-2".



If the apparent band is 4395-4430, we know that it is worth 35pts in direction of initial break.
If 4395 breaksdown with proper filters/room, ideally it should go down till 4395-35 = 4360.
If the price pulls back even before 4360, and later breaks 4430, it should target twice the initial 35pts ( ie 70pts)
Thus, we get 4430+70=4500 target for breakdown failure.


USUALLY, the entire process will seem like a divergence with RSI or other indicator.
In the above mentioned data, the whole thing resulted in a +ve divergence in RSI chart, and can be seen in the chart

(PS: This is my personal observation, and I may be wrong)

The price pattern in the picture you have posted, what is it called?
Interesting observation though, I will be lookng out for it.

 

[lazytrader]

This one below. See the last hour or more (same as the first hour or more) where after an upmove it starts coming down in a semi-circle kind of formation.

Rounding bottom and rounding top

SMbhai, I'm sure you are aware that the moving averages on yahoo chart are not right. You'll see the difference if you compare it to other charts.

 

[WOD]

May be I have made right decision to exit my PE's booking loss today........I think its foolished to keep option trade open overnight before 1 week of expiry...Lesson learned not to forget....

Alright....spending some time to learn Jcharts now.....anyone expert here?