Day Trading Futures

[manishchan]

So, Bank of India nearly completed its H&S target today itself. Did anyone trade it ? I didn't

Considering that the BB are nearly flat, I would guess a period of consolidation including a dead cat bounce/some residual downside / expiry related unexpected move and then maybe a candle of the other color piercing the lower BB for further upside. In case of a dead cat bounce, I won't be surprised at an attempt at 280-285 levels (sma 20). Let's see.

i think it was not H&S (looking at the charts you posted). As far as i remember in book by Edward Magee the authors quoted that the H&S is generally preceded with a rally. In this case there was a consolidation/ sideways period going on and we had a break down from that sideways.

These are my two cents as i am a small time trader, you may be knowing more than me.

Yes agree.. no H&S at least in this Daily chart.. to me this looks like more of sideways since the last 1 month.. but yea.. dropping below the 100 SMA had chance for small short wid the first target around 250-55... can drop further if 200 SMA doesn't hold. One more thing to note is dt now BB is expanding which I guess is the sign dt price in the current move can continue unless we get a counter candle closing back in the BB.

 

[timepass]

IF SPX manages to close above 2000 level today, we could have some crazy fireworks tomorrow ..

last time US closed abv 2000, on 17th sept, we had that massive bull bar on the daily on the 18th on nifty ...

SGX for the moment is in concert with the ups and downs on SPX .. from a low of 8003 to a high of 8042.5 and LTP 8040 ..

Yesterday in American markets, the index Russel 2000 had a "death cross" i.e. 50 DMA crossed 200DMA from top.. It has a lot of analysts worried.

i think it was not H&S (looking at the charts you posted). As far as i remember in book by Edward Magee the authors quoted that the H&S is generally preceded with a rally. In this case there was a consolidation/ sideways period going on and we had a break down from that sideways.

Thanks. I didn't know that fact about H&S.

BankIndia had a rally in May and has been consolidating since then.

Yes agree.. no H&S at least in this Daily chart.. to me this looks like more of sideways since the last 1 month.. but yea.. dropping below the 100 SMA had chance for small short wid the first target around 250-55... can drop further if 200 SMA doesn't hold. One more thing to note is dt now BB is expanding which I guess is the sign dt price in the current move can continue unless we get a counter candle closing back in the BB.

You are right. 250 zone seems to be crucial for this scrip. It is also the 200 DMA region and also the earlier resistance from which it fell off to 160 levels. The last 3-4 months chart looks very similar to the scrip's rise from 150-160 levels to 250, then almost 100% retracement, and then zoom up to 360 levels, and then down to 260 level.

Funny, looking at the longer term chart, it looks like mirror images stuck together. Does anyone remember "Timing the Markets" thread ??

 

[nirav_j]

Yesterday in American markets, the index Russel 2000 had a "death cross" i.e. 50 DMA crossed 200DMA from top.. It has a lot of analysts worried.

Just read an analyst view on investing.com

Said RUT had a death cross, BUY the S&P !!

 

[RAAMAKANT]

Traders account is not determined by
How well he can read the markets but how well he can trade them.....

 

[XRAY27]

Max pain nf at 8000

 

[TradeJoker]

Sgx @ 8028

 

[timepass]

How come DLF is going up in last 2 days ? Anything on the technicals or some news ?

 

[sudoku1]

How come DLF is going up in last 2 days ? Anything on the technicals or some news ?

fno stock ..xpiry timepassing :-D

 

[RAAMAKANT]

NF on 15 Min. Chart...........

 

[cinderblock]

Mulanno, BNFchi aata khalibali honar ka? Hopefully! :rofl: