Nifty Futures Trading

[S S]

.....Tasted(kissed) means what? ....

Simple. Without kissing, one cannot get the taste

Or did you mean tested...?

 

[ag_fx]

Well i guess what Sunil bhai Wants to say is that ...



Like when the market opened Gap down today (below Today's imp Support Of 2630-2640) You can go long near The support levels for a target of 2630-2640.

Here Tasting means that nifty is likely to JUST hit these targets and not move up much Further ...



By this he means that Say Nifty has reached 2640 area(It may start to act as resistance now and if the indicators that you follow say RSI or volume or anyother are also Indicating a short .. then you may short At these levels with an appropriate stop according to you or Yesterday's LOD (which was 2665)



I hope i am correct in interpreting what u said ...

Dont know much abt 123 setup so Didnt comment ...

Thanks....things are much clear now....

 

[ag_fx]

Simple. Without kissing, one cannot get the taste

Or did you mean tested...?

i quoted whatever sunil sir posted.....i myself dont understand dis terminology mch

 

[columbus]

scalping the KISS GOODBYE

helped by 1/5min RSI

Today's RSI chart is quite misleading.As discussed in this forum earlier,in strong
TRENDING markets often RSI fails.

 

[rajaram.dilipkumar]

nifty hourly ww....

 

[Sunil]

Today's RSI chart is quite misleading.As discussed in this forum earlier,in strong
TRENDING markets often RSI fails.

here's what my scalping/scavenger/hungry/(whatever u call it) eyes saw & i traded:

once u know how RSI is calculated & how & when it works, u can make it your friend & guide while trading...
ofcourse, u need a lot of screen trading experience for it....

one more thing, that white line in RSI chart (exponential moving average of RSI calculated using prev 9 bars) - i don't prefer using such moving averages in RSI....
RSI presents us scalpers/traders volatility opportunity - why to smoothen it out

and i dont think it was misleading - it had reached 50 (neutral zone) and momentum was already building up; so nifty could move up a bit more...

as is case with every other indicator, ONE HAS TO MAKE & TAKE IT AS YOUR FRIEND -AND USE IT TO YOUR TRADING (entry and/or exit) ADVANTAGE...

RSI to me is not just "Relative Strength Index" but more than a "Real 'SUPPORTING' Indicator"
(just remember to complement with a KNOWN support/resistance level, and in proven bearish conditions have more faith in +70/75 levels - for shorting - rather than in sub 30 levels - for going long; vice versa, in bullish rallies)


one more thing, u can say it was a "strong trending market" only when u r over with it and see the complete picture - it's not easy to decide that while in actual trade & trying to predict the right isde of the chart..

 

[Sunil]

thanks nagen & arnav for your kind words & support...

arnav, i really wish you could chip in a bit during trading hours - i LOVE your entry & exit strategy...

INFACT, MY EYES ARE THIRSTY TO SEE THIS THREAD AGAIN TO BE ACTIVE (AS IT USED TO BE) WITH PURE SCALPERS/INTRADAY NIFTY TRADERS LIKE
MILKY BLACK
DEBASHISH (deb99891)
ARNAV

and some more, whom I have watched & admired from close quarters..

AND ABOVE ALL OF US - OUR VERY SPECIAL - ASISH DA

wish to see atleast one day with all of your nifty posts during trading hours

 

[Sunil]

u can be long for targetting Part 1 (tasting)
&
if indicators are supporting, u can go short as mentioned in Part 2 (and testing it as a resistance now, which may or may not pass the test)

please, can we keep this Q&A for after EOD...

Well i guess what Sunil bhai Wants to say is that ...
Like when the market opened Gap down today (below Today's imp Support Of 2630-2640) You can go long near The support levels for a target of 2630-2640.

Here Tasting means that nifty is likely to JUST hit these targets and not move up much Further ...

By this he means that Say Nifty has reached 2640 area(It may start to act as resistance now and if the indicators that you follow say RSI or volume or anyother are also Indicating a short .. then you may short At these levels with an appropriate stop according to you or Yesterday's LOD (which was 2665)

I hope i am correct in interpreting what u said ...

Dont know much abt 123 setup so Didnt comment ...

not necessary that it may stop there at THAT level.... so u can take it as your first target and book out some/most of your position...

and if indicators (like i rely on RSI & slow Stochs) kinda indicate that it may not move further, then you can TEST its RSR wothiness by initiating an opposite trade right at THAT level...

thanks arnav for that reply

 

[Sunil]

some other instances in today's chart where high RSI coupled with known resistance level came handy for shorting

(they are marked in yellow line now)

 

[mahesh2007]

Today's RSI chart is quite misleading.As discussed in this forum earlier,in strong
TRENDING markets often RSI fails.

What we see in chart is bearish RSI divergence.I wish we could see this in the mid of the day(As AMo spoils the game) as it suggests the trend is chaning.

We should always remember that price is the cause and the RSI is the effect.
We are wrong if we expext the cause to move according to the effect.

What is RSI. RSI= 100*F/1+F

where F is a factor, F=Average Gain /average LOSS

more is the period of the RSI more smoother shall be the RSI curve.

See in the chart, though the price is increasing, it is making steeper troughs;as RSI is an effect it is decreasing with making steeper crests.