General Trading Chat

[pratapvb]

+1SD2 resistance was there

 

[timepass]

All that high vix and rupee weakness (near all time lows) had to have some bad effect. That's why we are not going up.

 

[arsh22g]

FTSE is 1.12% up

FTSE , DOw jones futures 1 % up and we are only 0.3% up

Sirji, time of measurement is also important. FTSE fell from 6000 to 5950 on Fri when Indian markets were closed. Today FTSE opened above 6000 and again fell from 6035. So, in effect the % change in NS and FTSE is almost similar from those levels.

That's why I said that absolute prices get priced in, I am more interested in the candlestick pattern.

 

[lemondew]

how abt dow thats also same as nifty

Sirji, time of measurement is also important. FTSE fell from 6000 to 5950 on Fri when Indian markets were closed. Today FTSE opened above 6000 and again fell from 6035. So, in effect the % change in NS and FTSE is almost similar from those levels.

That's why I said that absolute prices get priced in, I am more interested in the candlestick pattern.

 

[vikas2131]

Sirji, time of measurement is also important. FTSE fell from 6000 to 5950 on Fri when Indian markets were closed. Today FTSE opened above 6000 and again fell from 6035. So, in effect the % change in NS and FTSE is almost similar from those levels.

That's why I said that absolute prices get priced in, I am more interested in the candlestick pattern.

indian market was not closed on friday....

 

[mittens]

net movement comparison chart

 

[arsh22g]

how abt dow thats also same as nifty

I don't follow Dow, FTSE and SPX mainly

indian market was not closed on friday....

I meant after market hours.

net movement comparison chart

Have to slice time between 1:30-3:30 PM IST for proper comparison. Here you go :

Nifty is way more volatile than FTSE, so the price effect is amplified. But the direction and trend correlation is almost perfect. I have been observing for almost a month now, and I am pretty sure NF players follow FTSE/SPX when no event is there in domestic front.

 

[tradingstudent]

Look at the bars post 1:30 PM. Absolute levels in NF get priced in because global futures trade throughout the day.

Hi Arsh,

Could you kindly please elaborate on, "Absolute levels in NF get priced in...."

I want to understand the significance of checking after 1:30 PM, if the global markets are always trading?

 

[arsh22g]

exit all, free bird now.

Interested in knowing your entry and exit logic....I entered long 7235, 7245 and 7251, but sudden fall took away my SL at 7231 and green day from the morning turned deep red by noon.

I made a mistake of not booking as I was expecting a hit to at least 7260 (fib resistance and a corresponding FTSE resistance), which didn't come.

 

[arsh22g]

Hi Arsh,

Could you kindly please elaborate on, "Absolute levels in NF get priced in...."

I want to understand the significance of checking after 1:30 PM, if the global markets are always trading?

Hey

What I meant was that I don't judge the Indian vs FTSE correlation based on absolute % change or levels. E.g. as it was pointed out that FTSE was up 1.2% vs Nifty 0.3%. You have to look how you are measuring these %s. FTSE was up from 5950 (fri close), which it hit way after Nifty closed. FTSE was close to 6000 when Nifty closed on Friday.

Now, FTSE futures (not Index) started trading in Japan early morning today. They were already up 5960 from 5910 (~0.8%) between 4:30 AM - 9:30AM IST, and by the time Nifty closed, additional upmove was just 30 odd points. So, although FTSE Index opened strong (>1%), the actual new movement after opening was just 30 points (6000 to 6030 on Index and 5960 to 5990 on futures), as the previous 50 was already captured in futures.

PS: Please don't follow it without understanding the PA. I mainly use PA for trading, FTSE/SPX is just to help in decision making (like which support or resistance will likely hold, whether a move is fake or real etc). I find Nifty too volatile as of now, maybe with experience I will become better.