Nifty Futures Trading

[biyasc]

but ofcourse to aid our own strategy, we humans may miss something somewhere & chit chat sometimes helps a lots in like minded traders

& there are other times when we ourselves are hesitant to take our own calls, where confidence from a like mind helps too

depends on the situation/s.

1. if i am looking for some confidence from a wise man, just before/after taking a position in the market, then i have some problem/s & i have to improve myself.

2. if i am looking for some confidence from a wise man, to improve myself, to improve my trading system/skill, then its fine.

just my poor view. btw, thanks for the reply.

 

[Czar]

biyasc: to reply you I will quote your own post so you get what I'm saying:

dada, looking for your answer. so i will be sure that my chart is not providing wrong data.

 

[learn2trade08]

how can we forget Czar's 40 point gift to fellow boarders(inverse head and shoulder pattern),pretty much everyone in this thread missed the pattern that particular day,not necessary that boarders here were unaware of H&S patterns but Czars eyes picked them.
all the best

but ofcourse to aid our own strategy, we humans may miss something somewhere & chit chat sometimes helps a lots in like minded traders
& there are other times when we ourselves are hesitant to take our own calls, where confidence from a like mind helps too

 

[Sunil]

ok guys, please cut it out....
czar, satyajit da, biyas ji........

asish da's famous "star parivaar"'s members are against each other today... criticizing, sacartistically remarking & swording each others statements...
i had experienced this today while in trade, and i know it doesn't feel good to do all this when all this ends...

i guess such days do come in every family's life, virtual or real.

 

[Sunil]

ok now let's get back to our AIM - NIFTY

czar, actually, while discussing the TL support today, i think the confusion about TL broken or not has come coz of log-adjusted charts.
If you adjust the charts logarithmically, then TL has already broken (SPOT). Today's bounce was not only because of 4315 (KING of RSR levels) but also coz of the 50DMA, as mentioned in the morning's post.

But, if you do not adjust the charts on log scale, then one can clearly see the bounce from the TL support,

I am attaching both charts (log adjusted & simple).

I would like to have inputs from my friends, incl renu, & co-members regarding this TL, please...

 

[Sunil]

and yes, one bounce from good support level in over-sold condition has still not ended this short term downtrend; though it has given a breather to the intermediate uptrend (temporary or what, will be answered tomorrow)...

As of now, the stop for this short term downtrend, which has been forming LL LH since last Tuesday from 4650, is now yesterday's HOD (ie 4447).

This is where I appreciate Satyajit da's patience & experience with a trend. (Satyajit da, please never ever think that any of your posts or charts are unwanted - your hourly charts keep us informed about everything in one single thread).

He rightly mentioned that intraday trading posts (which is the main purpose of this thread) create noise/confusion in minds of positional traders - and there's an imminent clash between two mindsets. If one is bearish for short term, then it does not mean, one cannot anticipate/enter intraday reversals.

It's not that i am against positional trades/posts, but one should understand & realise that many of our trading posts are meant for intraday trading. I, myself, seldom carry forward any FUT position (i prefer optons for this). Asish da, himself, resisted from posting his positional trades here - and now I realise the reason behind it.

This confusion can only be avoided by someone if he knows/understands what is the timeline of his particular position a la Satyajit Da. If one is only a positional player with a bearish view, then one should leave these intraday bounces to scalpers/intraday trades, etc. In fact, I would add, that if one is very clear abt the bearish short term view (for eg), then one should add more short positions on such intraday bounces a la Saint sir.

Realise whether a particular post is for a 5 min trade or a 60 min trade, and trade/ignore according to your own mindset & position.

 

[Czar]

huh ? we all knew this (kidding) today the fight was between you & you... i.e. your short term self & your intraday self, you were skirmishing your short term in the intraday traders mind & that is why the confusion in the thread, as a intradayer :

Not intra:
check out the LODs of both SPOT & FUT...
both broke 4360 at open...

it is dicey for me.... whether first up, then down
or vice versa

but yes, i would agree with satyajit da.... as he has been rightly saying, 4350 is a lunch break point"
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tsunil4u

4250 !!!

czar, please confirm this again....
i found this TL support to be around 4325, which even renu agreed...

satyajit da, kindly confirm this TL (from Jan highs) support, too....

now to add to more confusion for intraday trade, we have a double top in spot/fut charts

so.. 4465-4490 is the fight range...
(surprisingly, we aren't even -1%)

anywaz renu, i hope this is right that the stop for this 5-day LH LL formation is now 4447 SPOT (yesterday's high) or is it 4427 ????

intra: dbl bottom strong enough to break 4382...
good, now after EOD gap closing, can target yesterday's close
SPOT - 4393
FUT 4409

if u r going long (for eg.) using TBQ>TSQ & RSI, then try to enter at/near lower support level.. that way you can keep a comfortable risk/stop level...
in today's chart, at around 10:15, there were two such levels 4370 & 4365...

TBQs, if just seen in solitude, does not mean but order at the current level, but it also includes orders for lower levels...
the current TBQ u r seeing includes my 10 lots of order at 4315 (unexecuted) ;-)

TL is indeed diff in SPOT & FUT charts...
anywaz, i'll be relying on 4315 spot (my adopted child) to bounce off nifty

es, it's attempting HH HL intraday...
but now it shud break 4390 before 4370 breaks...

i was long from 70 with partly booked profits at 88

now renu, watch this...
if fut breaks 4365, then it will have formed an intraday LL LH....



etc etc etc, so understand this is just till 12pm after many post & some replied for your intra posts & others to your positional posts, so added confusion

lets keep this only intra thread so Asishda may come back....

or maybe have 2 thread one for intrad & one for positional nifty (ya i know Saint's one is positional) but we dont use that strategy to buy sell positions right?

 

[mitasatyajit]

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More short position can be added near primary trendline, most probably will intersect at 4315. That is the ideal position to enter new short as stop loss is minimum. To happen the above situation at least 10 hourly bars are required.

So if within next 10 hours price crosses primary trendline, short position must be covered and wait for correction upto 4315 or ?


Intraday EOD provided for positional traders. From tomorrow no chart during trading hour will be posted by me, as it may disturb the intraday traders.

 

[mitasatyajit]

Let us see Czar, what ashisda says.

 

[Czar]

Satyajit da I have made a thread http://www.traderji.com/derivatives/23573-nifty-futures-trading-part-2-positional.html cause the reason I think Asishda does not post is because of the Khichdi we have made here, if he feels the thread is unnecessary then he can delete it... but we are missing his posts...