Seeing the 15min Chart as is.

[jamit_05]

I had planned that I will enter a bounce from previous LOD only if the trend is up... and that day came today.

However, in an uptrend, going short after hitting prev day high is a little tricky. Price does not move as fluently. Need a break of support to enter...

All said and done, intraday trading is strictly governed by the laws of probability. Nothing is sureshot.

 

[jamit_05]

Short entry in the making... below 31;
Target LOD.

Since we are nearing EOD, will ensure that the entry bar is strong... else will jump out.

 

[jamit_05]

Short entry in the making... below 31;
Target LOD.

Since we are nearing EOD, will ensure that the entry bar is strong... else will jump out.

Plan got trashed due to a fast move before the entry!

In any case, it appears the Hourly trend has turned. A break of today's lod will act as confirmation... seeing 6600 as the place where it may stop.

Tomorrow's bias in downward.

 

[jamit_05]

Longs above HOD seems fair, but the daily chart is way too overbought for any sustained upward move.

Edit:
Changed my opinion on shorts... will wait for a better chance.

 

[jamit_05]

I see the price making a bounce off previous days high (which coincides with the HOD 2 days ago). Then, will surely short below the LOD... till then SOH.

There is no scope for longs as yet...

 

[Vertigo_1985]

I see the price making a bounce off previous days high (which coincides with the HOD 2 days ago). Then, will surely short below the LOD... till then SOH.

There is no scope for longs as yet...

till yesterday i thought SOH meant 'sell on high' :lol:

 

[jamit_05]

Great. The Bounce happened. Now, I want to see it sustain for an hour or so. Let the bullish hopes build a little. This would complete the setup for shorts. Then, I will short at LOD break...

No vision for Longs yet.

 

[jamit_05]

If this short materializes, and it catch on a moderate momentum, then target could easily be yesterday's LOD. That is over 50 points...

So, a big game is underway... I wish to play it well. For that I will hv to place the SL very judiciously. And, before good moves price tends to give a whipsaw or two... hence will hv to wait for a good setup before going all-in.

Market currently is flattish; sharply moves may not happen. Ideal time for whipsaws... probably one on the upside in the making.

 

[jamit_05]

Short trade setup is now in place...

Short below LOD 6760
SL 13 pts
Target 6726

I'd set the target at 6705, prev LOD, but I hv sufficient reasons to be conservative.

Yesterday FIIs made a decent buying, plus today is a gap up and the underlying trend is also up. All of this tells me to not expect too much from the downside. Then again, will eye the momentum to see any scope for a lower exit.

 

[Vertigo_1985]

Short trade setup is now in place...

Short below LOD 6760
SL 13 pts
Target 6726

I'd set the target at 6705, prev LOD, but I hv sufficient reasons to be conservative.

Yesterday FIIs made a decent buying, plus today is a gap up and the underlying trend is also up. All of this tells me to not expect too much from the downside. Then again, will eye the momentum to see any scope for a lower exit.

i am not able to get what's making you to expect good downside below todays low ? gut feeling or your analysis(maybe i missed something ) ? not to say that you are wrong or right just curious to know.