Trading NR7 setup

[nk_5]

Axis Bank was in horrible range today. It was like a ECG report.

Highly volatile, had i been followed the NR7 setup alone, i would have minimized my loss. mixed up Support/Resistance with NR7 for placing Stop Loss. Big loss in Axis Bank, nominal gains in TCS.


Positional Trade USDINR is trading +vely.

Lesson from Today's trade:
Unless and until the trade moves in your direction, dont mix up S/R with NR7 for placing Stop Loss.

the market is all over the place today....
was a roller coaster ride for the last 90 minutes...sharp rise and an equally sharp plunge...

 

[Biswajit Das]

Axis Bank was in horrible range today. It was like a ECG report.

Highly volatile, had i been followed the NR7 setup alone, i would have minimized my loss. mixed up Support/Resistance with NR7 for placing Stop Loss. Big loss in Axis Bank, nominal gains in TCS.


Positional Trade USDINR is trading +vely.

Lesson from Today's trade:
Unless and until the trade moves in your direction, dont mix up S/R with NR7 for placing Stop Loss.

I know u have ability to reduce ur losses, but any way the day was not good for u today. Ur TSL could save ur extra unnecessary losses, I think so. On the other hand, was Axisbank really NR7 for today? Its 7th day NR was not much more below than 7days average range and we had to bear RR more than 25 points(PH-PL). Is not it too high for an intra day!Please, recheck, I may be wrong.

 

[Biswajit Das]

NR7 stocks for tomorrow:
1.Canbank: higher high higher bottom. on the contrary double top formation. I will place both order if it will be in ID.2.Cipla: above 25 Ema,before formation of nr7 today it made 3 bullish bar and 1 bearish bar, I will prefer to go long only.3.Federalbank: macd has been above bullishline from a medium term and since last 3/4 session it is above '0' line.4.Hcltech: Failed to sustain above 25 EMA. I will try to go short. All of decision may be changed during tomorrow's market hour.Please, all respected members, check nr7 stocks and technical analysis.

 

[Cubt]

I know u have ability to reduce ur losses, but any way the day was not good for u today. Ur TSL could save ur extra unnecessary losses, I think so. On the other hand, was Axisbank really NR7 for today? Its 7th day NR was not much more below than 7days average range and we had to bear RR more than 25 points(PH-PL). Is not it too high for an intra day!Please, recheck, I may be wrong.

Yes, you are right. I should have considered RR before entering into trade. I did not consider that for Intraday all these days. Thanks man!!

 

[Cubt]

Here's the NR7 List for today's trade. Have sorted it based on Risk Reward, calculated with 1lac has capital for each stock for simple calculation. based on your risk appetite you could proceed with any of these stocks.

I would prefer
HCL-Tech
Cipla
Ranbaxy

But still I may go with the one which triggers NR7 HIGH or Low first !!

 

[rkkarnani]

Stock my Scan in Metastock for Nifty50 gave these as having formed NR7 yesterday ;

Bajaj-Auto, Cipla, HCL Tech, ITC, Ranbaxy & Rel Infra

 

[Biswajit Das]

Canbank activated at 450.50 and my stop loss is today's low of Rs.443.25.

 

[Cubt]

Shorted
Bajaj Auto @ 1844
Ranbaxy @432

entered into the above trades as both these stocks triggered NR7 low first.

 

[Biswajit Das]

Canbank activated at 450.50 and my stop loss is today's low of Rs.443.25.

Canbank is trading now at 454, I have modified my stop loss at 447.60(low of prev 2 bar of 15 min chart).

 

[Cubt]

Thats a Good pick, Biswajit. When Bank Nifty and Nifty are volatile, CANBNK scores high. Do you follow any specific pattern for Trailing Stop Loss?