Nifty Key levels for day traders

[linkon7]

Hello
i was short at 4908 and stop loss hit 4924

can i go long now

what should i do

Cant advise about your trade since i can be wrong also... price is random and we all look at our own charts to make a decision. what does your chart say....?

look at the chart and react... dont listen to me or anyone.... Try to understand the logic behind a trade... Thats far more important than the trade itself...

You went short at 4908... why 4924 was ur SL...? what was ur target...?

how many times was the low of the day tested..how many times HOD got tested.... ? from high to low of today, which side is the range expanding...?
is the trend strong or more sideways...? Is there major resistance/support level above/below my entry level...? what is my must exit point...?

These are some the questions that i ask myself before i take a trade...

 

[scplindia]

4929.70 was the last high and has just been tested. Can go short with a stop loss of 4951

 

[linkon7]

4929.70 was the last high and has just been tested. Can go short with a stop loss of 4951

if u are playing positional it makes sense to wait for EOD bar to close... But my EOD charts are a buy....

right now, plenty of shorts are trapped and long dont want to build positions before the budget. FII selling has stopped but no agressive buying taking place either. critical level to watch is the 4910 mark. If we close below that, then staying short with the HOD as the SL make sense for positional player.

Intraday, so far it appears directionless. Yesterday's last minute dash was because 4900-4910 was on the cards from monday. tuesday was a mood dampener... but wednesday we never tested the low at all...

When 15 min TF goes flat, best is to avoid trading. since SL can hit both ways... sideways is also a trend for any intraday time frame.

If there was signs of short covering, why is NF in discount...?

 

[linkon7]

The volumes are very dry and action seems to happen above the 50% range.....

 

[findvikas]

This reminds me of newton's law... To every action there is an equal and opposite reaction...

4800PE @ 44 is not a bad deal... but they shouldn't have done that

Booked out of 4800PE Shorts @ 28 (shorted yesterday @ 45) ... went long in 4800PE @ 28

Cost to carry = 28-(45-28) = 11 + brokerage.... SL @ 15... locked profit!!!

 

[varun2504]

how many times was the low of the day tested..how many times HOD got tested.... ? from high to low of today, which side is the range expanding...?
is the trend strong or more sideways...? Is there major resistance/support level above/below my entry level...? what is my must exit point...?


Thanks for the suggestion

can u tell me the real time charting software plz ........


My target was 4890 and so i was short for the intraday

 

[findvikas]

Bears always do this mistake... how many times they going to leave their marks on the chart that they are trying to make a bull trap..

look at the volume... expiry should be around 4750 or below that

 

[varun2504]

My target was HITTTTTTTTTTTTTTTTTTTTTT

 

[findvikas]

can u tell me the real time charting software plz ........

if you do not need any fancy indicators or backtests... do not need to worry about manually updating data... icharts.in... I think the best for intraday & basic/medium charting

 

[linkon7]

how many times was the low of the day tested..how many times HOD got tested.... ? from high to low of today, which side is the range expanding...?
is the trend strong or more sideways...? Is there major resistance/support level above/below my entry level...? what is my must exit point...?


Thanks for the suggestion

can u tell me the real time charting software plz ........


My target was 4890 and so i was short for the intraday

One thing i realised through experience is that my gut feeling is always wrong and charts never lie. but believing the chart becomes difficult... there lies the tussle.

One of my mentors told me, brain is useless while trading... Trading is exactly the opposite activity to human emotions. it took me a lot of time to believe him..!

I use amibroker for charting.... simple google chart or yahoo chart is also good...