Thursday, 30 June 2016

Nickel Mini in a range

It has been trading in the range since morning.  Bias is up at the moment.  Waiting for the setup to trade this range. Lets see.

Nifty Future 30062016

Expiry day.  Opened full gap up and traded in the range in morning session.  I was not looking to short below LOD or RN as the bias was up. Attempted long on BOF. It gathered momentum once it broke HOD.  Did not attempt a BOF of BRN as it got barb wired.  

Wednesday, 29 June 2016

Nifty Future 29062016

It opened full gap up.  Attempted long on BPB of PDH.  Thought it would touch BRN but it reversed before reaching it and had to scratch.  Soon thereafter gave a nice BOF of DO/LOD/PDH.  It gave nice profit.  The BPB of BRN came too late, so avoided.

Tuesday, 28 June 2016

Nickel Mini 28062016

It was trading above PDH in the evening time.  It gave two fantastic long setups on direct BO as marked. The momentum gave confidence to take those setups.

Nifty Future 28062016

Since the Brexit event, though the markets reacted negatively to it, I observed that buying was emerging from the lower levels, on Friday and Monday. Today again in the morning prices proved that in the form of giving an initial move up and crossing BRN and PDC on upside. After that it traded in a narrow range, trading mostly in the upper end of the range. This gave me confidence to look for direct BO long entry.  It ultimately happened and had the enough force to break the PDH (last two days high). It yielded good.  After a BOF of RN it reversed in a V shape, breaking below PDH.

There was no other good setup to trade.

Thursday, 23 June 2016

Nifty Future 23062016

It opened around PDC/BRN and traded in a tight range. In the afternoon could break on upside and got accepted there. Again traded in a tight range for some time. One could have tried direct BO this time.

Tuesday, 21 June 2016

Nifty Future 21062016

Nifty opened at PDC and drifted down.  After that it traded in a narrow range for whole day.  It gave BOF of Range Low but did not yield.

Thursday, 16 June 2016

Friday, 10 June 2016

Nifty Future 10062016

It opened at PDL and traded in the initial range. Then it attempted to break out.
Trade 1.  After the successful break out above PDC/IRH, it gave nice BPB setup to go long.  It moved unexpectedly very well.
It reached to PDH and gave BOF of the PDH.  There was also what seemed to be a climax but since it had gone up with momentum expected some sort of range/consolidation there and not the immediate reversal.
Trade 2.  As expected it traded in a range after BOF and gave a good Pressure Play setup to go short. On its way down there was also a BPB of PDC to go short again.  This trade too moved very well.

After breaking the PDL it traded in the range as expected and did not give any other setup to trade.

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Cipla Live Trade

Today I am trying to present top-down approach for selecting the stock and trading it intraday and positional using purely the price action.  Here is the weekly chart of Cipla.  It consolidated for months between 450 and 350 and then broke out in August 2014 and after almost 2 years it came back there to revisit that BO level in end of May 2016.  Notice the big spike in volume on retest.

After retesting the BO level, it consolidated in a narrow range and made an attempt yesterday to breakout. Have a look at the daily chart,

Now today it seemed very clear that it would make one more attempt to break out from narrow range and it did that.  Took that opportunity to go long.  Here is the intraday chart,

Today in the morning it triggered the long entry at 481.7 for intraday trade as well as positional trade.

Target for today is 488 to 490. SL is 479.  For positional trade, I expect it to close the gap on daily chart.  It comes to around 495.  So 495 to 500 is the first target and then 540-50. SL for positional is 472.8.