Nifty Futures Trading Part 2 (Positional)

[dumdum20008]

long time no see Mr. PartTime...

Completely agree, infact personally too, am doing more intraday & only BTST in stocks...

Now Dum Dum & Satda missing if they too come we are complete....

thanx Czar for counting me. I just returned to home, have to recapture work.
Add to worse - my vista and XP got some malfunctioning, but will solve by night.

Guess dumdum is working hard for his new system.hopefully should come back soon(i guess with a new thread?)...

hey kammy , thread is already opened, will post last 3 days ACD combined.

http://www.traderji.com/derivatives/26424-trading-nf-acd-system.html

 

[orderflow13]

This is a daily chart of the Nifty. My simplistic analysis tells me to continue holding a long position - both price and momentum indicators are pointing up. A look at past price action (going back to October) reveals key support/resistance points. The thick green line @ 2850 is the one which is an essential support, which if broken, I would go short.

The thick yellow line at 3150 serve as key resistance - the market was unable to cross it and fell on large volumes on Jan 7, 2009. Another test of this line is possible. My trade would be to go short when a retest happens, with a stop loss of Nifty closing ABOVE the yellow line.

Levels between 2850 and 3150 can be traded intra-day. This is not an ideal place to initiate a positional trade (with RSI at 56, having crossed 30 from below a 100 points lower), but if one had to initiate now, one would buy and hold long, in the direction of the short term trend (UP).

Agree/Disagree/Comments?

Hey, welcome back nice chart and analysis
cant agree more than this, cant initiate positional trade ..NF stuck in range even day trading in nf is not time worthy.
on my chart 3150 resistance is more stronger than 2850 support

 

[pkamalesh]

Looks like a bearish flag on the weekly...Not confirmed...not good at this just gave it a try..seniors plzz confirm...

target on BD = 3787 - 3243 = 544 points.

again..not confirmed...ur views

 

[rajendrani]

Sorry Kammy using your same pic,

Even I am dont know much about chart patterns, but to me this looks like a symmetrical triangle a continuation pattern. So drawing a parallel line and expecting a target of the height of the triangle.

Again I may be wrong, if someone can correct, if I am wrong would be appreciated. Still in learning stage, seniors advice on this would be appreciated.

Thanks and regards,
rajendrani

 

[mahesh2007]

Hi,

This chart shows Flag and Pennant analysis in LT. Please let me know your views.

Kiran

flag is generally a continuation pattern where both boundry lines are parallel .
while in pennant boundry lines are converging.
a pennant may also be called a short wedge.
here one boundry line is upslanting and the another one is downslanting so its not a pennant but a triangle.
but diminishing vol indicates possible breakout which should be accompanied with the surge in vol to confirm the trend.

 

[learn2trade08]

dear rajendrani,

any bo could be false bo and should be traded with utmost caution.
reasons being the
proximity to the apex wrt bo
volumes definitely ruling out both flag and triangle...
both rules is something which i have learnt from 2 of my fav boarders of this thread.
all the best
please correct me if i am wrong.

Sorry Kammy using your same pic,

Even I am dont know much about chart patterns, but to me this looks like a symmetrical triangle a continuation pattern. So drawing a parallel line and expecting a target of the height of the triangle.

Again I may be wrong, if someone can correct, if I am wrong would be appreciated. Still in learning stage, seniors advice on this would be appreciated.

Thanks and regards,
rajendrani

 

[pkamalesh]

Thanks shishir...its time that we look beyond things...hope to learn these fundas without sticking only to tl's

 

[Czar]

Thats why I combine Indicators with patterns & TL's as even in case of false BOs indicators give it away usually...

 

[pra]

Sorry forgot to mention on th chart...its mininifty chat...bearish rising wedge??? confirmations from seniors...

Dear P kamalesh

Trend resistanceline drawn is correct but trend support line is not correct drawn (support line will be23-01-09 low & 05-02-09 low). After correction chart pattern not rising wedge. So, rising wedge rules not applicable here.

Thanks

Pra

 

[learn2trade08]

welcome kammi....hope i am not wrong.
cz can give a better analysis.
all the best

Thanks shishir...its time that we look beyond things...hope to learn these fundas without sticking only to tl's