General Trading Chat

[pratapvb]

NF

 

[amitrandive]

Yep, but breaking or holding will depend on FTSE force, which is bearish as of now.

See importance of support resistance , all turning points

Spot Nifty 5 min

 

[arsh22g]

Yep, but breaking or holding will depend on FTSE force, which is bearish as of now.

FTSE bounced from 5850, was expecting to cover short at yesterday's low of 7475, but didn't come and TSL hit at 7390. NF was resisting the fall vis-a-vis FTSE.

 

[amitrandive]

FTSE bounced from 5850, was expecting to cover short at yesterday's low of 7475, but didn't come and TSL hit at 7390. NF was resisting the fall vis-a-vis FTSE.

Just a friendly advice , why see 2 indices when only one chart is enough?

Do you realize which level is Nifty turning back from now ?

 

[arsh22g]

See importance of support resistance , all turning points

Spot Nifty 5 min

Yes Sir, morning orders and covers based on NF S/R and Fib levels only, but it's just an observation that FTSE affects NF in lack of any major local event, so can anticipate the strength of NF S/R based on whether any corresponding S/R there for FTSE or not. Have a look at NS vs FTSE charts post 1:30 PM, carbon copy types

 

[amitrandive]

Yes Sir, morning orders and covers based on NF S/R and Fib levels only, but it's just an observation that FTSE affects NF in lack of any major local event, so can anticipate the strength of NF S/R based on whether any corresponding S/R there for FTSE or not. Have a look at NS vs FTSE charts post 1:30 PM, carbon copy types

Check Nifty Feb Futures Chart

NIfty found support around yesterday low , which was also very close to yesterday close.
Why strain yourself to follow 2 Indices when everything is clear in NIfty price pattern?

 

[arsh22g]

Just a friendly advice , why see 2 indices when only one chart is enough?

Do you realize which level is Nifty turning back from now ?

To differentiate whipsaws from moves. It looks like NF is turning from a support, 3rd time in last three sessions. Is there any other thing?

 

[amitrandive]

To differentiate whipsaws from moves. It looks like NF is turning from a support, 3rd time in last three sessions. Is there any other thing?

See Chart posted above

 

[arsh22g]

Check Nifty Feb Futures Chart

NIfty found support around yesterday low , which was also very close to yesterday close.
Why strain yourself to follow 2 Indices when everything is clear in NIfty price pattern?

This point is well taken Sir, but how do you take a decision after the fact? How do you gauge if this support is going to hold or not? Maybe it's a dead-cat bounce or a real reversal, but if you have another parameter to take into decision making , and both parameters correlate, wouldn't that be better?
e.g. both FTSE and NF had support around same levels, so I decided to cover my full order at those levels instead of partial cover and trailing the remaining, that is another story that the NF level was missed by 4 points.

I am just asking out of curiosity, please don't take anything personally.

 

[amitrandive]

This point is well taken Sir, but how do you take a decision after the fact? How do you gauge if this support is going to hold or not? Maybe it's a dead-cat bounce or a real reversal, but if you have another parameter to take into decision making , and both parameters correlate, wouldn't that be better?

I am just asking out of curiosity, please don't take anything personally.

We don't know that , we take a trade and put a trailing stop loss , let the market decide where it should take support and form a resistance ,

Please see this chart posted in the morning , support and resistances are marked on it.We just take trades as per levels , put trailing stop losses and let our profits run.

Before we exit at a certain level , we must assume that particular level is significant to take support.If it takes support , we exit , if it breaks we remain in trade.

Do you know if the similarity of FTSE and Nifty correlation is going to continue for how much time ?