Nifty Futures Trading Part 2 (Positional)

[learn2trade08]

dear ash,
had a chat with one their rep's.127$,but definitely worth it given the fact that they provide 10 days backfill.Also i do have a couple of questions for you:
1)Have you ever had any issues with their data quality or speed.
2)127 includes futures data too right?
3)Are you using amibroker or advancedget.
thanks a ton!

Hi learn2trade08,
I am using esignal as in esignal . com

 

[mitasatyajit]

[/URL][/IMG]

 

[parttimetrader]

Hi Everybody

I am a new member of traderji. I used to trade full-time till about 5 years ago. After this long hiatus during which I was pursuing education and work abroad, I am now returning to trading. Experience has taught me to be patient and watch the market like a hawk, but when convinced you have the pulse of the trade, don't hesitate. Stop Losses are a different matter - Over time I have stopped using hard stop loss levels, but instead rely on money management/position sizing. I have been reading this board for 2 weeks, and this is my first post.

In the past I used a combination of mostly 'screen watching' (NEAT/ODIN) and Bloomberg (available to me professionally). Now I will have ODIN and am going to deploy Amibroker to look at charts (EOD only).

I am hesitant to trade breakdowns and breakouts at this level, as they are likely to be false, even though this can only be known in retorspect. I am contemplating a trade and wanted your opinion (refer Satyajit's chart). Is there a potential double-bottom formation at 4275? If you draw a straight line through 4330 (eye-balling), it serves as an immediate upside target.

Using Fibonacci, from the high of 4630 to low of 4250, a downmove of 380 points, a 23% move takes you to 4337. If you look at the upmove from 4170 to 4630, a 75% retracement yields 4285. If 75% holds, the move back up should be fast and sharp.

In other words, I am contemplating going long at a little over 4275, targeting 4330, followed by 4337. What do you think? Or should I wait for a 100% retracement to 4170, and observe price action there before initiating a short/long position?

Thanks for your time

-parttimetrader

 

[learn2trade08]

dear parttimetrader,
welcome back
...plz do keep sharing your thoughts/analysis.....it will really help us..fibs(the recent fall)/dow/100 5 ma and like czar mentioned no triangle is complete without retesting the lower line, definitely indicate 4320-4330,again most probably a gap up..looking to go short from there....
as always my statutary warning i am a novice...
all the best!

Hi Everybody

I am a new member of traderji. I used to trade full-time till about 5 years ago. After this long hiatus during which I was pursuing education and work abroad, I am now returning to trading. Experience has taught me to be patient and watch the market like a hawk, but when convinced you have the pulse of the trade, don't hesitate. Stop Losses are a different matter - Over time I have stopped using hard stop loss levels, but instead rely on money management/position sizing. I have been reading this board for 2 weeks, and this is my first post.

In the past I used a combination of mostly 'screen watching' (NEAT/ODIN) and Bloomberg (available to me professionally). Now I will have ODIN and am going to deploy Amibroker to look at charts (EOD only).

I am hesitant to trade breakdowns and breakouts at this level, as they are likely to be false, even though this can only be known in retorspect. I am contemplating a trade and wanted your opinion (refer Satyajit's chart). Is there a potential double-bottom formation at 4275? If you draw a straight line through 4330 (eye-balling), it serves as an immediate upside target.

Using Fibonacci, from the high of 4630 to low of 4250, a downmove of 380 points, a 23% move takes you to 4337. If you look at the upmove from 4170 to 4630, a 75% retracement yields 4285. If 75% holds, the move back up should be fast and sharp.

In other words, I am contemplating going long at a little over 4275, targeting 4330, followed by 4337. What do you think? Or should I wait for a 100% retracement to 4170, and observe price action there before initiating a short/long position?

Thanks for your time

-parttimetrader

 

[mitasatyajit]

Hi Everybody

I am a new member of traderji. I used to trade full-time till about 5 years ago. After this long hiatus during which I was pursuing education and work abroad, I am now returning to trading. Experience has taught me to be patient and watch the market like a hawk, but when convinced you have the pulse of the trade, don't hesitate. Stop Losses are a different matter - Over time I have stopped using hard stop loss levels, but instead rely on money management/position sizing. I have been reading this board for 2 weeks, and this is my first post.

In the past I used a combination of mostly 'screen watching' (NEAT/ODIN) and Bloomberg (available to me professionally). Now I will have ODIN and am going to deploy Amibroker to look at charts (EOD only).

I am hesitant to trade breakdowns and breakouts at this level, as they are likely to be false, even though this can only be known in retorspect. I am contemplating a trade and wanted your opinion (refer Satyajit's chart). Is there a potential double-bottom formation at 4275? If you draw a straight line through 4330 (eye-balling), it serves as an immediate upside target.

Using Fibonacci, from the high of 4630 to low of 4250, a downmove of 380 points, a 23% move takes you to 4337. If you look at the upmove from 4170 to 4630, a 75% retracement yields 4285. If 75% holds, the move back up should be fast and sharp.

In other words, I am contemplating going long at a little over 4275, targeting 4330, followed by 4337. What do you think? Or should I wait for a 100% retracement to 4170, and observe price action there before initiating a short/long position?

Thanks for your time

-parttimetrader

Dear Parttimetrader

Thank u for observing the chart. On ur words, I relooked over the chart and modified accordingly. We may enter long when both maroon coloured thin downtrend lines are breached and also should be over 4197 (the level got from monthly chart). For the present we should stay short position according to the downtrend line suggests.

With Regards.

Satyajit

 

[uasish]

As per Traditional TA there may be an Ensuing Trend Reversal in Nifty EoD.

In any panic bottom i may initiate a positional Long in Sept series that too in Mini.

 

[Sunil]

As per Traditional TA there may be an Ensuing Trend Reversal in Nifty EoD.

In any panic bottom i may initiate a positional Long in Sept series that too in Mini.

yes da, even I agree and & am ready with options...
frankly, bears have an upperhand only on break of 4160 or good close below 4200. Till then, intermediate uptrend is not negated. As satyajit da cutely puts it, "UT, until UT breaks"

An ideal scenario would be a buy around 4250 (smart nifty may attempt dbl bottom) with 4220 a strong support, in form of 50DMA & 50% ret. of 3800-4650)
But, as you rightly suggested, qty should be comfortable as per your MM.

 

[Czar]

As per Traditional TA there may be an Ensuing Trend Reversal in Nifty EoD.

In any panic bottom i may initiate a positional Long in Sept series that too in Mini.

What you saying dada , I am waiting for this moment since long long time...

 

[rishig38]

what is the September range (low and high) that the charts are showing?

 

[kapil123]

Chowkidar bashed up badly to get to 4197