Nifty Futures Trading

[Prabhjeet]

czar,

dont u think that these inflation numbers and etc are just a reson to set panic...There are times when everything is ignored and market moves up...if tomight OIL fall by $5 then market will move up...

We small traders can never find out why market moves up or down its only charts or technicals that help...

Tomorrow if market moves up then everyboy will say we have discounted for inflation today...If it falls tomo again then they will asy inf is a concern..so these are just reasons to trap!!!

Lalith was really sad to hear about your losses but the good thing is that you have recognized your mistakes.

I think the only mistake you commited was to throw Money Management into a bin. I have been in same condition many a times but Money Mnagement is what has brought me back, just risk 1% or even lesser of your portfolio on every trade and see for yourself how this greed & fear evaporates and you will start seeing things how they are.

This is a sincere advice from a person who has fallen himself 100s of times and have come right back with just MM in place

 

[Sunil]

so now we have a double top in FUT charts Mon HOD 4459 & wed HOD 4455,
whose neck was tues LOD 4331 broke today...

the short term since 12/8 continues with LH LL formation, now with stop as wed HOD ie spot 4435 & Fut 4455

spot now has a support of 4275-80 where TL & 50DMA lie...

viewing the charts of 29/7 to 1/8,
below 4275, next spot support comes at 4240-50 range..
and then there's an unfilled gap of 30/7 gap up on 5 min charts at the close of 29/7 ie spot 4190 / fut 4199

Thus, 4200 SPOT is THE final hope for intermediate bull run (with prev HL at 4160) and also ard the 50% ret of 3800-4650

I have bought 4200 PUT as insurance to my balance unbooked 4300 Call (both now purchased at spot 4315)

TL and 50DMA saved by proverbial hair thickness. (baal baal bache)

Here's today's updated TL chart (non-log adjusted basis)

But now it's sure, if tomorrow SPOT goes below today's LOD, then TL goes for a toss, and then only 4200 SPOT is appearing as next strong support, with "lunch break" at 4250...

 

[mitasatyajit]

HI Sunil,,

This last week thought few lessons to me...
1)Never rely on any of the src in market..Trade what you see...I was in rght direction i.e in short position but something changed my decision....I would never bring that something else going fwd>>I will trade what I see...
2)NEVER NEVER NEVER BReak the RULES...Have descipline and Strict STOP LOSS!!!!!
point no 1 made me to fall in this trap!!!!


Loss of 50k:Will be recovering it slowly....But yes I will keep walking!!!

Never mind Sir. Market is Guru and to learn something from market we have to present "Gurudakshina". Take it the cost or "Gurudakshina" for what u have learnt from market. What I can say u, u paid so small cost for this lesson. For me I had to bear a huge cost for the lesson you learnt. Here everybody will pay this cost to market today or tomorrow, lower or higher. I can challange it, no successfull trader has become successfull without paying the market a single penny. For the present salute the market.

With love.

Regards.

Satyajit

 

[Sunil]

TL and 50DMA saved by proverbial hair thickness. (baal baal bache)

Here's today's updated TL chart (non-log adjusted basis)

But now it's sure, if tomorrow SPOT goes below today's LOD, then TL goes for a toss, and then only 4200 SPOT is appearing as next strong support, with "lunch break" at 4250...

Besides TL, today is also the test of this channel formation:
(chart attached)

 

[uasish]

For Drawing Trend Lines,what i used to do earlier (now it is coded hence it comes automatically):=

People using MS:

Take Gran Grid from the tools bar,identify a Major Pivotal High or Low in the past.
Right click on the Grid now placed on chart,put the date ,time & start value in the box,tick snap to price box,leave the Rise & Run parameters as default,do not tinker with it initially.
Now take trendline pencil from tools bar trace those lines which have touched most number of points in the chart,draw 2 to 3 such lines,over the grid's line.
Delete the Grid now,so that only the TLines traced by us are on the chart,now right click on those lines & in the box 3rd from last select 'Create Parallel Line'.
Bingo you will find the new lines almost touched multiple points in the chart,then we can be sure ,basing on past data that these lines are correct.
Use this TLines for your Analysis.

 

[nagendra_gb]

For Drawing Trend Lines,what i used to do earlier (now it is coded hence it comes automatically):=

People using MS:

Take Gran Grid from the tools bar,identify a Major Pivotal High or Low in the past.
Right click on the Grid now placed on chart,put the date ,time & start value in the box,tick snap to price box,leave the Rise & Run parameters as default,do not tinker with it initially.
Now take trendline pencil from tools bar trace those lines which have touched most number of points in the chart,draw 2 to 3 such lines,over the grid's line.
Delete the Grid now,so that only the TLines traced by us are on the chart,now right click on those lines & in the box 3rd from last select 'Create Parallel Line'.
Bingo you will find the new lines almost touched multiple points in the chart,then we can be sure ,basing on past data that these lines are correct.
Use this TLines for your Analysis.

Ashish can you please give me the code for drawing tendlines for Amibroker if you have

 

[uasish]

The problem with TL is somebody uses Close,some Log scale etc etc.Here (as in above post),we are using W.D.Gann's age old philosophy,the lines are not subjective,the subjective part is our selection of the Main lines (while tracing on Grid).
Rest the Lines which now comes (Parallel mode,here Andrew's basic tenet is followed) on the chart,it will be revealing,how those worked on Past Data,this gives some confidence that our Lines may work in Future also.

 

[uasish]

Ashish can you please give me the code for drawing tendlines for Amibroker if you have

Thank God you did not asked for MS codes (which are yet not available in public domain),Ami has a very vibrant Afl Library,just Google it there are many TL codes.

 

[nagendra_gb]

Thank God you did not asked for MS codes (which are yet not available in public domain),Ami has a very vibrant Afl Library,just Google it there are many TL codes.

I have couple of them Ashish but could not able to find it effective so i asked u

 

[uasish]

nagendra,

There is nothing under the Sun which can guide us for 100 % success in Mkt.Few things has a little edge,we try to use that along with Risk & Money Mgmt,a moderate success can be achieved.
Day trading ,means smaller TF,there it bocomes stil Stiff.

Asish