Nifty Key levels for day traders

[findvikas]

starting or ending point? symmetry is better if you have it.. but not always you need the perfection in it.. previous trend and stopping tick volume suggest that point 5 is being made

 

[findvikas]

RIL's suggesting me that we might have a gap down its struggling with 1000 mark and some critical data of US shows that it may start the sell off tonight... I will not carry any longs overnite... only hedged short of nifty with april long...

 

[findvikas]

To validate the potential selloff in US, it helps the situation to have the VIX double bottom exactly on the 50MA, so we may see tonight and Friday’s action. Option pain for SPY is right at 110, so a tight range is also possible through the end of the week.

We’ll see what action we get based on tonight's PPI and Jobless data.

(date/time is in EST)

Thursday, February 18, 2010
Economic
07:00 Canada Jan CPI
08:30 Jan PPI (last m/m 0.2%, y/y 4.4%, ex food & energy last m/m 0.0%, y/y 0.9%), Initial Jobless Claims (last 440K), Continuing Claims (last 4.538M)
10:00 Jan Leading Indicators (last 1.1%), Feb Philadelphia Fed (last 15.2)
10:30 Natural Gas Inventories
11:00 DoE Crude Oil/Gasoline/Distillate Inventories, US Treasury note announcements
Events
18:00 Fed's Duke to speak. 19:00 Fed's Lockhart to speak on US outlook. 20:30 Fed's Bullard to speak on the US economy. Trades Ex-dividend: AIZ $0.15.

 

[linkon7]

starting or ending point? symmetry is better if you have it.. but not always you need the perfection in it.. previous trend and stopping tick volume suggest that point 5 is being made

Point 5 is where we are supposed to start and work to point 1....

if we start with point 2,3,4 and then fix 1 & 5, the WW is will be just adjusted to fit in... or am i missing something...?

 

[findvikas]

I basically start from point 4... and always keep 5min, 15min & 60min chart active in front of me and trying to jot the points as they make and keep tracking as they move further... whenever I see it making a point 5 thats when I enter... the larger frame chart saves me from entering a wrong wave... but still at times we get stops.

 

[linkon7]

Very choppy day today...both sides SL got hit... LOD broke, HOD broke, total chaos...

good day to avoid trading...!

 

[sumitdasjoshi]

Hey vikas u mean we can see gap openig in down side 4o points down thats what you wana say

 

[findvikas]

this wave is pending for target... I dont think it will complete now given not much time left... so it should go touch it tomorrow... but taking naked calls is not a good option... hmmm US data can be bad tonight..

 

[findvikas]

Hey vikas u mean we can see gap openig in down side 4o points down thats what you wana say

Not really... I am looking for a up move in Nifty first then a correction...

 

[linkon7]

closing strategy :

buy 4800 put feb
and sell 4800 put march