NIFTY Futures Mechanical Trading

[vishveshchauhan]

Hello Friends,


This is just an observation:

I am silent member of this forum, i do elliott wave analysis and as per my count in hourly chart nifty has completed Zig-Zag and now nifty should test 4600-4900 which is C wave up.(C=A).

Comments invited.


Regards

 

[GTji]

Sounds very interesting, can you elaborate on how you do the analysis? Though I am not sure whether we can talk about it here, since this particular thread deals only with mechanical trading. Of you can write here if others are okay with it.

 

[GRORICH]

Hello Friends,


This is just an observation:

I am silent member of this forum, i do elliott wave analysis and as per my count in hourly chart nifty has completed Zig-Zag and now nifty should test 4600-4900 which is C wave up.(C=A).

Comments invited.


Regards

Sir,

I dont know much of the technical analysis stuff but I would be happy if it reaches that target

Grorich

 

[nadodav]

Dear Anajanr,

We never know which way market will move. so at which point, we close our position ? any fix profit target, say 100 or 150 points ? than there are two possibilities. if market changes direction, than you protect your profit & if not, than you will miss rest of the move. It is very difficult to re-enter once we are out of trade. so in this mechanical system, we wanted to remain in a trend as long as we can. if we use tight stop, than frequent on-off & if too loose stop, than late entry & late exit. so i think my stoploss is between two.

What my points is - do not worry much about if you loose some of gains. Let profit come its own way. our focus should be on losses if we have any & not profit.

I think better way is to use index options effectively whenever we feel to protect gains instead of intermediate stoploss.

Happy Trading

 

[nadodav]

NIFTY FUTURE For July 31,

Current position : LONG AUG (at 4315 on 30/07/2008)
Exited July contract @ 4310 & bought AUG @ 4315

Nifty AUG Fut Closed at : 4329.65

Profit/Loss in current trade : +14.65 (as per last closing price)
Net Profit/Loss since thread started : +2151.65 (2137.00+14.65)

Support : 4259
Resistance : 4369

Hold LONG position with SL 4259. If trades below 4259, exit LONG & go SHORT with SL 4369.

Happy Trading.

Vinod

 

[pakatil]

What my points is - do not worry much about if you loose some of gains. Let profit come its own way. our focus should be on losses if we have any & not profit.

Happy Trading

Kudos Vinod,

I appreciate your stance. keep it up.

Cheers

 

[pravinaca]

Hi Vinodji,

These ae levels for july or august?

Thanks
Pravin

 

[nadodav]

Hi Vinodji,

These ae levels for july or august?

Thanks
Pravin

Levels are for august.

Vinod

 

[vishveshchauhan]

Hello,

Vinodji i am completely agree with ur view, and even i do lot of system trading, but the view which i presented here was just an observation and based on that i have personally took 4500 Nifty CE of Aug at 95. Well thats the different story, but somebody was asking on how it does and how it gives such target. Elliott wave analysis can give amazing target with just an close of an hour change. I think this is not right platform to talk but now bullish trend for short term should continue as all stocks have completed (nifty 50) zig-zag correction with 61.8 % retracement of recent up move.

Regards
Vishvesh

 

[vineet.deodhar]

I also use a mechanical trading system. My experience is that if one uses a mechanical trading system for entry and one more mechanical trading system to protect profits, the end result over a period of time is much better. I super-impose my trading signals with nifty futures 5 minutes close moving average crossovers. For longs, after a good up-move, I start monitoring 30 & 70 EMA (FUT 5 min close values). If 30 EMA goes below 70 EMA, I book 50% of my profits. I go right back in if 30 EMA goes above 70 EMA. This way, I book profits for part of my position, I keep the rest of my position going and am ready to re-enter with other half. MA crossovers, in my experience, give good results. Of course, this is a matter of personal preference.

For my last long, I moved out 50% of my position @4400 (july) and re-entered yesterday @4260 (august).

Vinod is doing a great job here and I appreciate his efforts.

Vineet