Nifty Trades for March 12, 2009

TRADES:

1. Buy 2607 SL 2602 (First 5 mins candle trade) Result = Loss 5 points.
2. Triangle Breakout Buy 2597 SL 2585.5, as soon as price moves up move SL to CP. Result = NPNL
3. Triangle Breakout Buy 2600 SL 2595, move SL to CP. Booked @ 2620 Result = Profit 20 points.
4. Trendline break on both RSI + Price (Not shown on the charts). Short @ 2620 SL 2632. Result = Profit 30 points. See the OI analysis on 30 mins chart for more details.


20 Mins Chart :

Today is the first day after a really long-long time that we have an addition of IO with rise in price. TODAYS PRICE ACTION IN THE FIRST PART OF THE DAY IS NOT BCOZ OF SHORT COVERING, ITS FRESH POSITIONS. The catch is to trap all these bulls intraday. Being the first day all are on the edge and by the end of the day are forced to squared off almost all their positions.

Trades for March 06, 2009

Today is all about patience. If you have it then its a good day for you otherwise ...........

Nifty Trade for March 05, 2009

Today is a dream day for every trader. Less mehnat,more aaram,but same profit.

Throughout the day we got multiple selling opportunity in the Nifty. Pls. see the trade setup chart for them. In the morning I shorted for an initial 10-15 pointer, but once that triangle breakdown happened around 11 am it was a cool ride downwards.
At every pivot Nifty faced some resistance. Fortunately for me my 2542 order got filled. The o/h/l/close for 20 Nov 2008 was around 2548 +/- so I was expecting some support around that region.
(Calculate ur pivots -http://www.earnforex.com/pivot_points_calculator.php)


Readers can note that they can go long/short as per the direction of the trend with the close of the first 5 mins candle with the days low/high as stoploss. This trade has a high success ratio for 10-15 points gain.

Nifty Trade for March 03, 2009

Its good to have SGX Nifty. After last night DOW everyone was expecting a 100+ points gapdown on Nifty. But it opened more or less flat. So at that time the big question was WHAT NEXT.

For the initial part till 12 Noon it was clueless. Then it had given an opportunity to go long @ 2646, where it is making a lovely Head and Shoulder pattern (5 MINS). But not very confident being long, I avoided the trade.

On the 20 mins chart two triangles can be spotted. The trendline for the dialy H&S is around 2676. I am looking for an opportunity to short at the higher levels in the region of 2670-2685. But once the breakout failed to sustain above the trendline (20 mins chart), I went short at 2655 at the close of the 20 mins candle with days high SL. By the end of the day cool 70 points on Nifty.

Nifty on March 02, 2009

Great day for bears !! It opened just above the 2780 level given yesterday @ 2785 and then bang bang booooooooom closing just below 2630. The eventual target for todays head and shoulder breakdown (BD) is around 2390 +/-. On the weekly also the market is on the verge of giving a triangle breakdown (BD).

Outlook for the week

The key level to watchout for is 2725. In the last 7 trading sessions the bears are not able to close the market below this despite OR rather inspite of everything. On dialy charts its the yellow line. As long as it holds good. A closing below this, watch for 2680 the neckline of the H&S pattern (green line).

The weekly charts are also bearish in a sense that we have a fall then consolidation (going on) and again a trianle breakdown MAY happen.

All in all a tight range for traders, so keep trailing stop losses.

Expected Range (NF): 2630 - 3000.