Trading NR7 setup

[vicky2005]

NR7 Days on 25th August are:

[B]STOCK		         HIGH		LOW[/B]

NIFTY			4672.9		4582.5
ACC			794.7		771.25		2 NR 7 DAY
GLAXOSMITHKLINE		1420		1399
HINDALCO		109.85		105.8
HINDUSTAN UNILEVER	272.7		266.5
INDIAN HOTELS		67		65.2
ADITYA BIRLA NUVO	960		927
APOLLO TYRES		41.45		40.3		3 NR 7 DAY
HERO HONDA		1528.8		1500		2 NR 7 DAY
CONTAINER CORP		1259		1212
CORPORATION BANK	390		380		2 NR 7 DAY
GAIL			340.2		333.1		2 NR 7 DAY
JPASSOCIATE		222.6		216
CUMMINS			333		322.05
WOCKHARDT		181		170.65
VIJAYA BANK		42.9		42
CANARA BANK		268.95		264
MARUTI			1448		1411

 

[AW10]

With NIFTY staying in 98 points range today, we have seen the NR7 on NIFTY SPOT as well.

Lets see what the breakout brings out tomorrow and in this expiry week.

Trade what u see, not what u think.

Happy Trading

 

[vicky2005]

Posting something.... by a technical analyst.. of CNBC... Since its on trading narrow range..

"My point is: the up move or the down move inside the range are just that - small price movements. The only way to determine the direction of the breakout is to actually wait for the breakout / breakdown to take place.

The Nifty moved out of a narrow trading range between 4380 and 4500. The targets for this range were 4620 on the upside which were exceeded yesterday. Now, the larger range remains with resistance at 4730 and support at 4350. A move above 4730 will tell us that the Nifty may be ready for another 400 point of gains. In the same way, a break below 4350 gives us a downside target of 3980 or so.

Markets move through a cycle of contraction and expansion. We just saw a small expansion in the Nifty over the last 2 days. We may well see a day or two of contraction, which means random . narrow range movements."

 

[Satyen]

With NIFTY staying in 98 points range today, we have seen the NR7 on NIFTY SPOT as well.

Lets see what the breakout brings out tomorrow and in this expiry week.

Trade what u see, not what u think.

Happy Trading

Dear AW10 want to ask little bit off topic .........

When we have a break out and move rapidly without giving any pivot to trail stop ( Prefer to trade on 60 min pivots ..) then a V shaped recovery and hit stop ..... is it ok to bring SL to break even after such move .....

But ..... after how much move ?? and if it kiss our SL and then reverse back then what to do .............??

Till now only using Pivot ...... want to get some ideas from you
here posting two charts with two scenarios .....

Waiting your comment ..............

 

[rohangawale]

Nr7 triggered on 25th aug are:

[B]STOCK		HIGH		LOW
NIFTY		4,673.00	4,582.00[/B]
ACC		794.7		771.25
GAIL		340.2		333.1
HERO HONDA	1528.8		1500
HINDUSTAN UNILEVER272.7		266.5
ICICI BANK	767		750.35
MARUTI		1448		1411
NATIONAL ALUMINUM339		332.95
ONGC		1192		1170.5
TATA COMM	516.85		504.1

 

[WOD]

So we have today NR7 day with range less than 40 points......I am currently searching for such a day in history of nifty and will post here my findings....

But tomoro we have expiry too....now can we see effect of today's NR7 day tomoro is a big question.....

 

[WOD]

With NIFTY staying in 98 points range today, we have seen the NR7 on NIFTY SPOT as well.

Lets see what the breakout brings out tomorrow and in this expiry week.

Trade what u see, not what u think.

Happy Trading

What could be said about todays less than 40 points range? spring is getting tightened and more tightened........

 

[rohangawale]

What a day on nifty today
its NR126 with 39 pts

last range below 39 points was on 19th feb 09 with 33pts range
prior to that on 14th jan with 33 pts range.

today is 2NR7 day.
tomo we will see some dhum dhadaka in mkt.

on 14th aug we saw nifty with 60 pts range and next day we had move of 204 pts.

lets c tomo what nifty is showing. but anyway it breaks we will have good trades.
as 4700 is acting as major resistance and if nifty gives downside breakout below 4659(todays low) then odds are in our favour and we may enjoy good ride.

 

[rohangawale]

on both previous days with range of 33 i.e on 19th feb and 14th jan we saw next day as as black candle with nearly 3 times of range i.e next day was downtrend with nearly 90 pts range.

on both occasions we saw downtrend in nifty of nearly 200 pts. price took nearly 7 days to break the high of NR days of 14th jan high and nearly 15 days to break the high of NRday of 19 feb.

if history is repeating then we may see 200 pts downfall from here and we may test somewhere near 4500.

anyways market is the best story teller and we will wait for what it shows us.

 

[AW10]

Welcome back WOD.
In your absence, SM and we had discussion on this point when nifty gave 60 point range on 14/Aug.
Last time we had 33 point range was on 19/Feb and 14/Jan of 2009 but NIFTY was 2700 value.

We had NR 7 day, yesterday and another narrowest range today. These extended consolidation just indicates that biggies are out of the market. And market is at the mercy of
daytrader, or swing trader. We might see same 4600/4700 range unless biggies see this as opportunity to jump in call it enough is enough.

You are right, spring is compressed like never before. So lets wait for market show its colour.
If you want to be ahead of the others, then u can use options trade and create market netural LONG strangle / straddle position. (In I have opened long 4600 P /4700 C Sept strangle today and will
wait for market to tell me direction of breakout).

Happy Trading.