Nifty Futures Trading

[renu daga]

u can never analsye on 1 mn candle stick for 60 mn movement or even 30 mn movents

far behind have to analyse in all aspects ,,and secondly whta cataully is ur time frame to exit and entry..is most imp,,
long term / short term/ intraday....60min/30min /15mmin/5 min,,,or 1 min,,,were u can do ony when brokerage is evry les
so many charst have been posted by satayjit da,,on trend lines,, simpelst method,,u can get to final by doing with that also,,,, no need to go by candles,, even

renu

 

[learn2trade08]

dear renu,
I am really bad in communicating,so plz forgive me if i fail to communicate the intended message.
most of the boarders here on traderji are doing charity and they( including you) are not doing it for money(unlike mmb),so every usefull post deserves a thanks coz the boarder has taken his personal time to post...

For example yesterday untill you alerted boarders to be carefull as the rally was over i would still be looking for long trades.same with satyajit'sir his charts helps me get a better picture.czar's charts too are very helpfull...you folks including saint/ashish/soumya/ajax cant be thanked enough for you ppl have changed and give hope to a lot of people...
thanks.

learn to trade,

i woul add one thing,,,i have found u giving tnnks,,,to all people,,,, for their nalysis,,,and all,,

this si teh simplest way i ahve posted to find trend!!EVEN U CAN DO,,,!!just try,,,,and u will not hop for levels here / there e verytime...once to do and post u will gain confidence

THIS WHAT I HAVE GOT THROUGH THIS FORUM..AFTER JOINING....THIS IS TRUE FROM MY HEART...OTHERWISE I WASA JSUT TRADER TRADING IN BULL RUN....!!!
I REALLY FEEL GRATITUDE TOWARDS THIS FORUM WHAT IT HAS GIVEN ME AND U DONT KNOW HOW MUCH I OWE U!!UNIMAGINABLE......
JOINING THIS FORUM ACTAULLY HAS MADE ME MORE MATURE
AND KARTHIK WAS TEH FIRST PERSON WHOM I AHD TALKED FROM THIS FORUM WHEN I WASA JUST NOVICE...AND ASISH DA IS TEH PEROSN WHOM I AHVE FIRST MET FROM THIS FORUM...
AND FEW FRIENDS WHO ARE ADDED IN MESSENEGR FROM THIS FORUM ,,, ARE MORE THAN CO TRADERS TO ME,MY WELL WISHERS!!!

THNKS A ALOT
SORRY FOR POSTING HERE..IF REQUIRED CAN BE SHIFTED TO APPROPRIATE THREAD

RENU

 

[Sunil]

Hi Friends,

I have a small doubt hope i will get answer here. Am doing trading on nifty from quite some time and usually watch 1 min candle stick charts. I usually search for few patters like bullish engulfing blah blah blah.. some times it works some times not. I want ur inputs how can i improve my trading style depending on this. how much relable are these candlestick patterns..and which patterns should we concentrate more .. i only do intraday trading

Thanks,
Nagendra

frankly nagen,
in my early days, even i was fascinated by these candlesticks.. there was a defined candlestick with its unique meaning...i tried applying these formations for intraday trading...AND I MESSED UP BIG TIME...
i realised that in the process of trying to figure out the "meaning" of these formations, you generally miss the bus, or you enter late or u get stopped out soon...

from that day, i had decided to ignore these technical indicators fully... i just keep a note of spot levels (which i usually share with this thread early morning) and utilise simple things like pivots, TBQ:TSQ, etc, which are easily seen & understandable during the tense moments of intraday trade... sometimes, i refer to RSI also, but only sometimes & just to confirm my entry into a position.

these candlestick patterns, technical indicators (on EOD basis, or 60 min basis) - i feel, can be used for positional trades... and that too, just to confirm the mood of the market...

one last thing - the more things/indicators you r dependent before making an entry, the more confused you'll become... this will even hamper you taking positions even in good trades...
for intraday trading, I just concentrate on the current day's charts while trading & mark out the various supports & resistances, look out for chartical formations, etc... and just try to play within these levels and collect my nifty points....

and i have set a target of 50 points for a day... i try to scalp atleast 10 points in each trade, thus, having a target of 5 such trades in 5 trading hours... not necessary, i just book out on 10 points... if i can see the target ahead, i book part & trail for rest...

set for yourself a mental target for nifty points... and try to break up those points in "n" trades to relax yourself....
REMEMBER ONE THING - NIFTY POINTS ARE OUT THERE WAITING FOR YOU... GO GET THEM WITH A COOL MIND & EAGLE-LIKE EYES... GO FOR THE KILL AS SOON AS U SPOT ONE AND BOOK OUT FAST SOON, WITH NO EMOTIONS ATTACHED...(this is what i have really learnt from Asish sir from his trading posts - and i'll be always obliged to him for unknowingly teaching me this "bread & butter" trading strategy...
Also, kee oin mind that everyday is not a tradeable day; every hour is also not a tradeable hour - sitting out sometimes is aslo a good strategy than testing unknown waters...
for eg. today (and even yesterday), momentum returned in last hour of trade... just suck out your desired number of points and exit...

 

[Sunil]

one has to be ruthless with nifty...
it has no fundamental story behind it... only technical...

people have their buy & sell orders at predecided key levels....

if tomorrow, 4800 comes... huge sell orders will be poured in (just like yesterday, when 4600 came up)
4300/4250 comes up, huge buy orders are ready for that level....

study & know these levels, and play with these levels...

As Saint sir advices "you cannot change the direction of the wind, but you can adjust the sails"...
i would add that atleast an attempt can be made to know from which direction the wind would blow in... i prefer exiting in profit, rather being stopped in profit (my personal view)

 

[columbus]

one has to be ruthless with nifty...
it has no fundamental story behind it... only technical...

people have their buy & sell orders at predecided key levels....

if tomorrow, 4800 comes... huge sell orders will be poured in (just like yesterday, when 4600 came up)
4300/4250 comes up, huge buy orders are ready for that level....

study & know these levels, and play with these levels...

As Saint sir advices "you cannot change the direction of the wind, but you can adjust the sails"...
i would add that atleast an attempt can be made to know from which direction the wind would blow in... i prefer exiting in profit, rather being stopped in profit (my personal view)

" IT IS NOT THE SAILS THAT MOVES THE BOAT ,BUT THE UNFORESEEN WINDS" ....It has nothing to do with markets.

 

[Czar]

Hi Friends,

I have a small doubt hope i will get answer here. Am doing trading on nifty from quite some time and usually watch 1 min candle stick charts. I usually search for few patters like bullish engulfing blah blah blah.. some times it works some times not. I want ur inputs how can i improve my trading style depending on this. how much relable are these candlestick patterns..and which patterns should we concentrate more .. i only do intraday trading

Thanks,
Nagendra

Frankly the other Day traders might help you better since i am positional, but 1 thing I can say is the patterns you mentioned seeing them on 1 min chart is like tossing a coin, these will work better on larger time frames, I believe most Intraday traders use Swing & lower lows & higher highs breaks to trade...IMHO Others may please suggest...

EDIT: Oh sorry I dint realize many have already replied..

 

[Czar]

frankly nagen,
in my early days, even i was fascinated by these candlesticks.. there was a defined candlestick with its unique meaning...i tried applying these formations for intraday trading...AND I MESSED UP BIG TIME...
i realised that in the process of trying to figure out the "meaning" of these formations, you generally miss the bus, or you enter late or u get stopped out soon...

from that day, i had decided to ignore these technical indicators fully... i just keep a note of spot levels (which i usually share with this thread early morning) and utilise simple things like pivots, TBQ:TSQ, etc, which are easily seen & understandable during the tense moments of intraday trade... sometimes, i refer to RSI also, but only sometimes & just to confirm my entry into a position.

these candlestick patterns, technical indicators (on EOD basis, or 60 min basis) - i feel, can be used for positional trades... and that too, just to confirm the mood of the market...

one last thing - the more things/indicators you r dependent before making an entry, the more confused you'll become... this will even hamper you taking positions even in good trades...
for intraday trading, I just concentrate on the current day's charts while trading & mark out the various supports & resistances, look out for chartical formations, etc... and just try to play within these levels and collect my nifty points....

and i have set a target of 50 points for a day... i try to scalp atleast 10 points in each trade, thus, having a target of 5 such trades in 5 trading hours... not necessary, i just book out on 10 points... if i can see the target ahead, i book part & trail for rest...

set for yourself a mental target for nifty points... and try to break up those points in "n" trades to relax yourself....
REMEMBER ONE THING - NIFTY POINTS ARE OUT THERE WAITING FOR YOU... GO GET THEM WITH A COOL MIND & EAGLE-LIKE EYES... GO FOR THE KILL AS SOON AS U SPOT ONE AND BOOK OUT FAST SOON, WITH NO EMOTIONS ATTACHED...(this is what i have really learnt from Asish sir from his trading posts - and i'll be always obliged to him for unknowingly teaching me this "bread & butter" trading strategy...
Also, kee oin mind that everyday is not a tradeable day; every hour is also not a tradeable hour - sitting out sometimes is aslo a good strategy than testing unknown waters...
for eg. today (and even yesterday), momentum returned in last hour of trade... just suck out your desired number of points and exit...

I can very well see that you are becoming Asishda no.2

 

[Czar]

sir , how do you come to know that fresh options are being written or old one covered //?? i am still confused about it .. from open interest how we can judge?? plz explain

Sorry I missed your post.

Hey no sirs around here please , its only for asishda

Regarding options I have fed all options (calls & puts) of Nifty in 500 +/- range & usually when a bigger move is coming b4 that these options there comes big buying selling which I watch & interpret, nothing fancy regarding O/I but works most times...

 

[Czar]

in the bigger 5day chart picture, support is seen at 4400 & resistance at 4600...
pivot being 4500 with S1 at 4450 & R1 at 4550...

i feel that if nifty wants to break & SUSTAIN above 4600, a retest of 4450 should take place...

Thought I would say approx 4350 as the mega trend line lies there...

 

[Sunil]

Frankly the other Day traders might help you better since i am positional, but 1 thing I can say is the patterns you mentioned seeing them on 1 min chart is like tossing a coin, these will work better on larger time frames, I believe most Intraday traders use Swing & lower lows & higher highs breaks to trade...IMHO Others may please suggest...

EDIT: Oh sorry I dint realize many have already replied..

nice to see that even you feel the same abt using these candlesticks on intraday basis

I can very well see that you are becoming Asishda no.2

arey yaar... tu mujhe kahaan bitha rahaa hain.... i am still 0.05% of him,,, long way to go in terms of his experience and knowledge... i am still learning ABC, while he's graduating with XYZ (agreeing, that learning never ends)