NIFTY 50 future TRENDS

[anilnegi]

Trading is more or less sailing by yacht (Manual) Direction of Wind determines proper sailing identifying direction of the wind is key.

In Trading Trend .....identifying direction of market move is the key to success Technical knowledge and proper trading skill is Key

Every day trading teaches great lessons unfortunately most of us fail to acknowledge our mistakes but we are overwhelmed by some small success
ENTRY EXIT AND STOP LOSS ARE KEY.
MY TRADE TODAY
ENTERED LONG AT 5340 EXIT AT 5368
WAITED TO RE ENTER MY LONGS ABOVE 5380 NEVER COME ABOUT (ONCE IT MADE HIGH 5385)
DEFENDED 5330 FINALLY THE FALL WAS SO SHARP FROM THAT LEVEL
I ENTERED MY SHORT ONLY AT 5305 AND CLOSED AT 5250.

KEEP YOUR OPTIONS OPEN WHEN YOU TRADE
Many of you may known to all these aspects please excuse if i over done it.

not over done sir, i know you explain me this earlier also, you are trading in between R1- pivot - S1 and vice versa, but one question is why you not go long above 5385

 

[sudoku1]

Goodness !!! Volatility is really high today - whipsawed again :lol: :lol: :rofl:


j/k.

bt aftr mkt hours !

 

[manoharpillai]

not over done sir, i know you explain me this earlier also, you are trading in between R1- pivot - S1 and vice versa, but one question is why you not go long above 5385

5385 was just a flash and next 5minuets candle down back to 5375 never reverted back again.

 

[rajasree1]

Manohar Sir,
My today's position was as per the image.I have small loss in call option which is made good by a put purchased at marked position (open) at the attached image. As per my calculation the major resistances are broken. Price action at 5330 is telling to short my position.
Thanks again for sharing knowledge with us.
Till now I am very weak in
i) ".....identifying direction of market move" which " is the key to success "
ii)"Technical knowledge and proper trading skill "http://s19.postimage.org/sb2wgvif7/nifty0051.png

 

[Sridhar795318]

Is this the right thought process (in blue below)?. Trying to learn...I hope Manohar sir is ok with it.
Nifty Spot numbers used.

Trading is more or less sailing by yacht (Manual) Direction of Wind determines proper sailing identifying direction of the wind is key.

In Trading Trend .....identifying direction of market move is the key to success Technical knowledge and proper trading skill is Key

Every day trading teaches great lessons unfortunately most of us fail to acknowledge our mistakes but we are overwhelmed by some small success
ENTRY EXIT AND STOP LOSS ARE KEY.
MY TRADE TODAY

ENTERED LONG AT 5340

Doesn't look like it's going to touch the pivot 5331 and it's going up so it can be considered as a bounce from pivot 5331. So let me go long at 5340.

EXIT AT 5368

5368 is close enough to weekly pivot 5373 and anyway uptrend is weak so let me put trailing SL at 5368.

WAITED TO RE ENTER MY LONGS ABOVE 5380 NEVER COME ABOUT (ONCE IT MADE HIGH 5385)

Uptrend is weak, so even though weekly pivot 5373 was crossed let me wait until Fib 23.6% retracement from high=5385 (or is it 5380/5389??) is also crossed. I'll buy above that. why 5380??

DEFENDED 5330

Daily pivot 5331 is being defended strongly (nearly 3 times) and strong support from daily charts is at 5320. It could bounce back rather quickly from either of these two supports, so let me wait to sell until these 2 supports are broken convincingly.

FINALLY THE FALL WAS SO SHARP FROM THAT LEVEL
I ENTERED MY SHORT ONLY AT 5305

Trend line joining low of 01/02/2012 and 03/07/2012 broken at around 5307. It's confirmed, SELL!

AND CLOSED AT 5250.

Trend has become weak. All my indicators (i wonder what those are) are showing heavily oversold, weekly pivot 5249 touched. Time is now 2:50pm, short covering rally may begin any time. So let me put trailing SL at 5250.

KEEP YOUR OPTIONS OPEN WHEN YOU TRADE
Many of you may known to all these aspects please excuse if i over done it.

This is just an attempt to learn and improve my trading...not a comment on anyone's trading

One of my main doubts is: How could I have trailed SL so that I am not stopped out many times too early? What is the correct thought process...

Comments/corrections from all are welcome.

 

[manoharpillai]

Manohar Sir,
My today's position was as per the image.I have small loss in call option which is made good by a put purchased at marked position (open) at the attached image. As per my calculation the major resistances are broken. Price action at 5330 is telling to short my position.
Thanks again for sharing knowledge with us.
Till now I am very weak in
i) ".....identifying direction of market move" which " is the key to success "
ii)"Technical knowledge and proper trading skill "http://s19.postimage.org/sb2wgvif7/nifty0051.png

Trade less (If you want to trade 100 shares trade only 10 shares) The risk of losing capital minimized though gain also minimal you will learn to maneuver the trading ups and downs well, once you learn the skill well you can increase the quantity. ( I don't ever advice F&O segments) unless one is very well versed with trading skill.
As for as my trading is concern My Hay days of trading are finished i just trade with very minimum trading capital (just to keep my self engaged) am happy reading charts .

 

[manoharpillai]

Sridhar795318 ...It's all depend on the risk one take i always think about what i can loose maximum in a trade and every trade inherits risk i do loose in trading you can ref. to my earlier post on positional trade where i declared my lose too.
When you look at the trading screen and price moment there is high amount of emotions go through in our thought process. The skill developed over a period of time with all those hard hit emotions makes a seasoned pro. Trader.. i am yet to come closer to that stage... hope you got it correct...

 

[rajasree1]

Sridharji,

I think 5331 is not the pivot.

 

[trader15]

SORRY FOLKS , d trend remains UP as i had calculation mistakes. i calculate manually wid calculator

bhajii... heart attack de diya tha aapki prediction nee.... aapki calculation mistake jaan nikaal deti.... as heavily loaded with 5400 CE ..... new prediction will at least give me sound sleep.... baki kal kisne dekha hai..

 

[manoharpillai]

Sridharji,

I think 5331 is not the pivot.

My main technical combination are EMA, Fibo. and Pivot levels weekly/daily

5331 was yesterday's 8 ema and 5373 is weekly Pivot and Fibo Retracement level 61.8% 5373 i was uncomfortable and waiting take a trade at this level when 5373 was hit today.
Though yesterday rally gave all hopes for dashing runaway rally i stated yesterday very clearly that i am yet to take my positional trade.



Upper Value 5500
61.8% Retracement Level 5373.94
50.0% Retracement Level 5335
38.2% Retracement Level 5296.06
23.6% Retracement Level 5247.88
Lower Value 5170