re: Day trading Nifty & Banknifty Futures
I trade on Support and Resistance.
ST
ST,
Currently I trade based on support n resistance, if the daily trend is positive, I enter the trade at the support level and if market moves in my direction I trail my stop loss based on 5 mins tf support level.
At any point of the day, if 5 mins bar closes below support level, I exit. I do not reverse to short. But if market resumes uptrend again after a day or two I feel hesitant to enter again fearing it will hit resistant n fall again.
But am much more comfortable in short position, I do not even give second thought to re enter if market breaks the support again. Bcoz I feel I can make a quick profits in shorts, market when moves up it goes in Stairs but when goes down it comes down in elevator.
how do you decide ur exit levels?. After all, exit point much more important than entry. Could you pls provide ur inputs on exit level?