NIFTY Futures Mechanical Trading

[sachin_jain3]

Hello Vinod,

I have been seeing your thread for quite some time but not following it. I have been trading on my own based on my understanding of supports and resistances. I had taken a long position on friday @5700 on nifty. Now i am in big losses. the market it seems is not finding support anyhwhere. Can you let me know based on your system whether to expect a pull back this week and what could is the price i can get in this week to close my long position.

Sorry for the botheration.

thanks,
Sachin

 

[marcus]

Hello Vinod,

I have been seeing your thread for quite some time but not following it. I have been trading on my own based on my understanding of supports and resistances. I had taken a long position on friday @5700 on nifty. Now i am in big losses. the market it seems is not finding support anyhwhere. Can you let me know based on your system whether to expect a pull back this week and what could is the price i can get in this week to close my long position.

Sorry for the botheration.

thanks,
Sachin

Wow you have a huge loss on your hands! You should have closed your position when your SL was hit no matter what anyone says because no one can forsee tomorrow.

Also please study the term drawdown and its effects, once your drawdown exceeds 30% it is difficult to return to profitability

 

[nadodav]

Hello Vinod,

I have been seeing your thread for quite some time but not following it. I have been trading on my own based on my understanding of supports and resistances. I had taken a long position on friday @5700 on nifty. Now i am in big losses. the market it seems is not finding support anyhwhere. Can you let me know based on your system whether to expect a pull back this week and what could is the price i can get in this week to close my long position.

Sorry for the botheration.

thanks,
Sachin

Dear Sachin,

Trading futures without stoploss is like driving a car without break. the mistake is not buying @ 5700 but to holding without any stoploss. before entering, you should have atleast your own stoploss. I really don't know what will happen this week as my method is following a trend and not to forecast. All global markets are sharply correcting plus continuous FII sales so it is very difficult to predict anything.

If your trading style in future is going to remain same as it is of today than i only advise you to stop trading futures.

Vinod

 

[nadodav]

NIFTY FUTURE For January 22,

Current position : SHORT (at 6210 on 10/01/2007)

Nifty Fut Closed at : 5197.85

Profit/(Loss) in current trade : +1012.15 (as per last closing price)
Net Profit / (Loss) since thread started : +1379.15 (367.00+1012.15)

Support : 5125
Resistance : 5590

Hold SHORT positions with SL 5590. If trades above 5590, exit SHORT & go LONG with SL 5125

All new members visiting first time are requested to read all messages start from first one before going ahead.

No fresh position should be taken based on my support and resistances as range is very wide (more than 400 points).

Happy Trading.

Vinod

 

[MaxBombay]

vinod congratulations on todays success

 

[marcus]

NIFTY FUTURE For January 22,

Current position : SHORT (at 6210 on 10/01/2007)

Nifty Fut Closed at : 5197.85

Profit/(Loss) in current trade : +1012.15 (as per last closing price)
Net Profit / (Loss) since thread started : +1379.15 (367.00+1012.15)

Support : 5125
Resistance : 5590

Hold SHORT positions with SL 5590. If trades above 5590, exit SHORT & go LONG with SL 5125

All new members visiting first time are requested to read all messages start from first one before going ahead.

No fresh position should be taken based on my support and resistances as range is very wide (more than 400 points).

Happy Trading.

Vinod

At this stage what would you do if the market turns volatile say goes up and then down, in which case you would be out by about 800 points, as I am sure you will not let that happen, do you have any stop loss or protective mechanism in place when the range between support and resistance becomes very high?

 

[nadodav]

At this stage what would you do if the market turns volatile say goes up and then down, in which case you would be out by about 800 points, as I am sure you will not let that happen, do you have any stop loss or protective mechanism in place when the range between support and resistance becomes very high?

Frankly speaking, i do not have any protective mechanism. but chances are very low to go up nifty 400+ and than again down by 400+ in a single day but that can happen also. what max that we can do if it breaks resistance than we can cover short but will not take long position. and will wait till range narrow down to some what 150 or max 200 kind of range before taking a position eitherside. or we can buy Nifty ATM call right now to protect profit.

Vinod

 

[nadodav]

NIFTY FUTURE For January 23,

Current position : SHORT (at 6210 on 10/01/2007)

Nifty Fut Closed at : 4894.60

Profit/(Loss) in current trade : +1315.40 (as per last closing price)
Net Profit / (Loss) since thread started : +1682.40 (367.00+1315.45)

Support : 4713
Resistance : 5244

Hold SHORT positions with SL 5244. If trades above 5244, exit SHORT & go LONG with SL 4713

All new members visiting first time are requested to read all messages start from first one before going ahead.

No fresh position should be taken based on my support and resistances as range is very wide (more than 500 points).

Happy Trading.

Vinod

 

[MaxBombay]

vinod once again congratulations for todays success but do you suggest exit after todays huge profits and wait for next level once market stabilizes ?

 

[nadodav]

vinod once again congratulations for todays success but do you suggest exit after todays huge profits and wait for next level once market stabilizes ?

If you are holding short since 6210, than you can exit short and go long above 5244 as we have good profit so there is no harm to take next trade.

Vinod