diary of a day trader

[vssoma]

see simple chart of nifty with NEST, no rt data from external sources...

 

[HEM]

SOH = Sell on high

(I guess)

NO.........dear TP

 

[arcus]

In today's RBI policy, going by the the comments of RBI Governer yesterday,RBI is not likely to be very liberal in which case the markets will go down. But will it trigger a lintermediate downtrend ? I doubt very much. That is because this uptrend is fuelled by drop in commodity prices and pumping of money in the system by all central banks of the world. This is going to continue.

So after a drop , I expect the market to stabilise in 2-3 days and resume its upmove for next few days till the market starts factoring election uncertainties and problems associated with it.

But markets all over the world are running on liquidity ahead of fundamentals. So in the long term,caution is adviced.

Smart_trade

I beg to differ.
I believe the intermediate downtrend which started around the end of January is still intact.

While the developed countries are having a sustained uptrend (Australia - ASX200, USA-Dow Jones, Japan-Nikkei 225, etc) the emerging markets in which India comes under are reeling under an intermediate downtrend.

You can look at the charts of Brazil (Bovespa), Russia (MICEX Index), India (Nifty), China (CSI 300).
Which are the BRIC Nations. All of them are in an intermediate downtrend.

Indian Monetary policy cannot afford to be dovish. We have the 6th highest CPI among all the countries in the world. [1]

I believe we are in a corrective phase of the intermediate downtrend.

My theory will be nullified when we cross 6100-6300 on the Nifty.

Till then, I'll continue to sell the rallies than buy the dips.

Disclosure - Current open position is a partially legged in bear put spread in BN.

 

[soft_trader]

I second your view arcus.

 

[VIKAS 21]

Effect of Today's RBI policy...

1. Banking sector looking under some pressure may be temporarily.....

2. Most of the Steel sector stocks have shown good strength today.

3. IT sector is also performing well.

Should we ready again for fall in banking stocks???

 

[EagleOne]

Arrey, Ravi bhai, koi joke voke nahin hai aaj kaya? Thread soona pada hai. Del66 bhai, kahan ho?

OK, before leaving I tell you guys a joke that I was reminded of when I read ST's post about his trading setup having 2-3 computers with 2-3 different ISPs with 2-3 different broker terminals with full power backup for all.

Santa and Banta boarded a DTC bus and bought 4 tickets. Gave 2 to Banta, and kept the 2 in his pocket. A man standing nearby got curious and asked the logic behind 4 tickets for 2 persons. Santa said, in case we lost 1 set of tickets, the other will save us. The man said, what if you lost the other too? No problem, Santa said. We have all route passes as well. The man laughed and asked, what if you lose your passes also, then what will you do? Banta grabbed the man from shoulder and said, oye, why do you think we are wearing these khaki uniforms? We are DTC staff!

 

[VIKAS 21]

Daily chart

Weekly chart

ST SIR/HEM SIR/ FRIENDS

In the Daily chart

1.Point 1 is the previous PH , we got a closing below the body high of that pivot but as the distance is not considerable , should we ignore this failure???

2.Can we reverse below PL, should we use any filter for it or can place a sell stop loss order directly below the price??

3.30 day moving average is inclined upside in daily as well as in weekly chart indicating strength in upside.

4. Though the price is near at previous resistance levels & price not showing enough strength to go upside little sideways here.

 

[tspact]

I am reading this thread from last 2 months and found this very interesting. I have one query regarding stock futures liquidity and hope will get answer from helpful traders like you.
I am doing intraday trading in nse cash stocks from last 6 months. Now I am planning to shift to futures. I would like to know is there anybody doing intraday trading in stock futures in huge quantity say 10 lots or more. For intraday traders is it possible to trade with 10 lots or more, as we tend to take small profits so order is huge then slippage points will be more. My stock preferences are rcom, vip and rel infra. There is a huge difference in stocks (cash) and stocks (futures) with respect to volumes. xperienced traders pls help. thnx in advance !!

ST Sir/Ravi bhai/Friends please help!!

 

[Smart_trade]

Daily chart

Weekly chart

ST SIR/HEM SIR/ FRIENDS

In the Daily chart

1.Point 1 is the previous PH , we got a closing below the body high of that pivot but as the distance is not considerable , should we ignore this failure???

2.Can we reverse below PL, should we use any filter for it or can place a sell stop loss order directly below the price??

3.30 day moving average is inclined upside in daily as well as in weekly chart indicating strength in upside.

4. Though the price is near at previous resistance levels & price not showing enough strength to go upside little sideways here.

1) Point 1 not a pivot as low of this bar is not taken out. The next bar is an inside bar so can be considered as aggressive pivot. We need better pivot and 4-5 bars in between to look out for failures.

2) Trend is still still up on daily charts. So going short is ok for daytrades, but for positional trades short trade is little premature.

Smart_trade

 

[VIKAS 21]

1) Point 1 not a pivot as low of this bar is not taken out. The next bar is an inside bar so can be considered as aggressive pivot. We need better pivot and 4-5 bars in between to look out for failures.

2) Trend is still still up on daily charts. So going short is ok for daytrades, but for positional trades short trade is little premature.

Smart_trade

Thanks a lot ST Sir for this beautiful explanation......