TRADING THE HOLY GRAIL – Trade in the direction of 21 MA using the pivots
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Posted Nifty Fut 5 min chart of today 06-01-2012. The entry is on pivots, and trade direction determined by 21 SMA red line. Plain vanilla entries...no indicators, no oscillators,no higher timeframes ....not to complicate life with all those.
Below the red line we are looking to go short.....above the red line we are looking to go long......stops trailed as per shown in black lines.
For profit taking we have taken help of stochastics positive divergence....also the green arrow between 10:00 and 11:00 is a Sequential Buy point.....additional reason for booking profits there.
In the long trade, the move gets steep and we trail the profit taking levels to the lows of each of successively higher bars.....
Trading is simple...we traders make it too complicated......
Smart_trade
try the above with constant volume bars. a simple setup.for bigger profits .happy trading