Tuesday, 14 October 2014

14102014


Today Nifty opened 30 points full gap up but immediately sold off.  Then it bounced up to BRN but could not sustain above it.
1) BOF of BRN. Shorted below  minor swing low.  It broke the day low and moved to RN as expected.  Booked at 25 points of profit on FTC below RN.
After that it remained in a range and broke out of range on upside.  Was not confident, avoided taking this trade as there was PDH and HOD above.



10 comments:

  1. Hi Dave,
    Do you watch NS for taking trades, or just for Targets.

    ReplyDelete
    Replies
    1. Shashank

      Yes, only at the time of taking the entry and exit as RNs and BRNs are important for NS.

      URD

      Delete
  2. Also just my thought I would have waited for the DL to be taken out to go short.

    ReplyDelete
  3. Daveji,

    Please brief us about your first trade. I thought that price may consolidate and skipped that trade. Was there anything that suggested that the price may not consolidate or form BW around BRN?

    Thanks,
    S.Karthikeyan

    ReplyDelete
    Replies
    1. Shashank and SK

      Nifty opened above PDH after a big up day yesterday. Also it closed near the high. Then it got sold off immediately and broke below PDH. All the longs got trapped. Second candle was a pause. A short below second candle was the ideal. I hesitated and missed. Then there was a pull back after making the low. Initially I thought it would consolidate so thought to give it some time for it. But then on pull back price action at BRN gave strong feeling that it was getting rejected from BRN. So I thought if it were to even consolidate there and make the BRN as range high, it would go down to DL at least which was around 20 points away. So took the trade keeping in mind those 20 points. Also the risk was low at 8 points and the bias was in support.

      URD

      Delete
    2. Daveji,

      Thanks for the detailed reply.

      S.Karthikeyan

      Delete
  4. Dear UR Dave,

    Sir, first of all I would like to thank you for sharing the post "Nifty Future MT4 Real Time Charts". That was really helpful.
    But I have a question that How could I found the line tool to mark lines on chart as you marked with blue line at some support level. I only found the horizontal line, Vertical Line, Trend line etc.

    Well My self Tribhuwan Kirola I have currently two main blogs which I am regularly visiting i.e., Niftynirvana and your's. I also added your blog on my blog list (http://www.tribhuwankirola.in).


    Thank You, (Apologies for poor English!)
    Tribhuwan Kirola

    ReplyDelete
    Replies
    1. Tribhuwan

      Thanks for the visit and adding my blog to yours.

      To mark the line, select trendline. Draw it on the chart. Then double click on that trendline. Then right click on it. Click trendline properties. Under "parameters" untick the Ray box. Thats it. Now you can modify this line as you like. You can also change the color of it.

      URD

      Delete
    2. Dear UR Dave,

      Wow what a great help. It's worked !! Thank's!
      I truly believe that with the help of each other we can make the change!

      Thank You,
      Tribhuwan Kirola

      Delete