Day Trading Stocks & Futures

[Raghuveer]

re: Day trading Nifty & Banknifty Futures

Could this news have anything to do with the fall: India's Manufacturing PMI decelerates slightly in December.

A much better explanation than any news, Pratap's view has a beautiful appeal to it:

usually in morning if there is a bias in one direction and the BO/BD of a key level is not happening then around 2pm usually people decide to give up resulting in a huge move in opposite direction

 

[pratapvb]

re: Day trading Nifty & Banknifty Futures

Could this news have anything to do with the fall: India's Manufacturing PMI decelerates slightly in December.

A much better explanation than any news, Pratap's view has a beautiful appeal to it:

but that article is timed 10.48....so news was out before that....does not justify such a late fall...could probably justify why it could not go up after that as I mentioned that it was not able to go back above +1SD (which was visible on the charts)......

and then that other logic possibly triggerred the mighty fall....my view

 

[Smart_trade]

re: Day trading Nifty & Banknifty Futures

We have to think why we lost today. If we followed the charts, there is absolutely no reason to loose...one could have shorted a bit late and still made money. If loss is due to non confirmation of trades, double trades ,loss of connectivity,because the position showing in outstanding position window etc, then ok, such things dont happen too often...but if we lost because we held in hope, not reversed etc...then we have to take a hard look at out trading and remove any bias from our minds...

Beyound a swing low, no buying, only look for a place to short....so beyond 6383 no reason to buy....

Smart_trade

 

[pratapvb]

re: Day trading Nifty & Banknifty Futures

on a side I usually don't know what is the news most of the time....I avoid any news related tracking except possibly RBI policy day

below is a coversation I had with a friend of mine on skype

[2:09:40 PM] ******: Just saw the BD. Any reason for this?
[2:10:01 PM] Pratap: you know me...no idea ...but short

 

[Novice30]

re: Day trading Nifty & Banknifty Futures

Europe opened complete red...maybe some FIIs were in a mood to sell across multiple markets.

 

[pratapvb]

re: Day trading Nifty & Banknifty Futures

Europe opened complete red...maybe some FIIs were in a mood to sell across multiple markets.

yes maybe.....maybe that maybe something else

more importantly we have to decide whether we are a technical trader or fundamental trader

I do not understand fundamental reasons for mkt movement.....willl FIIs still sell in indian mkt or move the money they get in european mkt and invest in indian mkt....are indian fundamentals good and strong or weak......etc etc

so I prefer to follow my technical system, listen to the chart (the footsteps of the big players on the sand) and then ride that....in trading I am happy being the follower

 

[Novice30]

re: Day trading Nifty & Banknifty Futures

yes maybe.....maybe that maybe something else

more importantly we have to decide whether we are a technical trader or fundamental trader

I do not understand fundamental reasons for mkt movement.....willl FIIs still sell in indian mkt or move the money they get in european mkt and invest in indian mkt....are indian fundamentals good and strong or weak......etc etc

so I prefer to follow my technical system, listen to the chart (the footsteps of the big players on the sand) and then ride that....in trading I am happy being the follower

Good for you.

SInce I dont have the luxury of watching index charts for the entire day in office, I normally keep track of other markets to see whats happening.

If other parts of Asia is down, Europe is Down, there is no reason for India to go up.

 

[Tlahuicole]

re: Day trading Nifty & Banknifty Futures

My dad used to say, if you want to be a trader and survive with it for living, you need to watch atleast 2 business news channels, track international markets, analyse world news, read economic times and have to understand about currencies which affect indian markets.

I don't know any of the above but still I am happy with my trading results. According to me no need to see news at all. Media is always manipulated you wont get the truth as it is.

Great to see I am a follower of pratabhai in this

 

[pratapvb]

re: Day trading Nifty & Banknifty Futures

Good for you.

SInce I dont have the luxury of watching index charts for the entire day in office, I normally keep track of other markets to see whats happening.

If other parts of Asia is down, Europe is Down, there is no reason for India to go up.

if I search back I am sure that I can find days when it did.....I remember one day when asian mkt was deep in the red in the morning and we gapped up and continue up one way even after europe opened also in the red

all I am saying is that whenever you are seeing the chart (need not be continously) you should have some levels from the chart which tells you is it sideways, in UT or in DT as per your system and then act according extraneous to all other stuff ....It is tough ...I also get into bias mode sometimes but am working on it.....my posting live the analysis here also helps me to read the chart than play the bias so that is also one action item for me to commit to my reading of the chart by declaring it publicly

anyway your call...

 

[pratapvb]

re: Day trading Nifty & Banknifty Futures

My dad used to say, if you want to be a trader and survive with it for living, you need to watch atleast 2 business news channels, track international markets, analyse world news, read economic times and have to understand about currencies which affect indian markets.

I don't know any of the above but still I am happy with my trading results. According to me no need to see news at all. Media is always manipulated you wont get the truth as it is.

Great to see I am a follower of pratabhai in this

you Dad is a fundamentalist you are a technical trader...it is like oil and water...they don't mix