Day Trading Stocks & Futures

[DanPickUp]

re: Day trading Nifty & Banknifty Futures

BNF weekly also shows a bearish WW target around 9500 or lower as mentioned in the wolfe waves thread. Expect the target to be met sometime in March (?Budget??)

To me that looks more like a rising wedge. http://thepatternsite.com/risewedge.html So trading on such patterns can easily lead to wrong decisions.

You see this and others see that, so who is right/wright and who is wrong? As there is no absolute right or wrong in the market, the discussion can go on.

Just my two cents and take care dear friend / DanPickUp

 

[TraderRavi]

re: Day trading Nifty & Banknifty Futures

Been reading "Mastering the Trade" recently, and this is exactly the technique that the author mentions - wire out cash to avoid euphoria and stupidity from affecting the account. Markets can't take the money that is not in your account.

Wish I have the sense to do this when I am on a roll.

The other line of thought is increase your position size when you are on a roll and decrease your position size when facing continuous losses

 

[TraderRavi]

re: Day trading Nifty & Banknifty Futures

I guess Raamkant's new child has brought him fortunes what say Raamkant?

I guess this man Tlahuicole will be responsible for india's increased population in 2014 :lol:

 

[TraderRavi]

re: Day trading Nifty & Banknifty Futures

TR ...started dhoonding/pataoing a 'Ladki'

buddy this is the difference between you people and me , you chase girls I chase NF/BNF ,
but end result is same in both case , aakhir mein humko mila kya => Babaji ka Thullu

 

[pratapvb]

re: Day trading Nifty & Banknifty Futures

To me that looks more like a rising wedge. http://thepatternsite.com/risewedge.html So trading on such patterns can easily lead to wrong decisions.

You see this and others see that, so who is right/wright and who is wrong? As there is no absolute right or wrong in the market, the discussion can go on.

Just my two cents and take care dear friend / DanPickUp

WWs are rising wedge / falling wedge.....only for WW the 1-2-3-4-5 patterns has some stricter conditions

Also a failure to go up or down in it is a 2 push failure which gives that strong opposite move

 

[pratapvb]

re: Day trading Nifty & Banknifty Futures

WWs are rising wedge / falling wedge.....only for WW the 1-2-3-4-5 patterns has some stricter conditions

Also a failure to go up or down in it is a 2 push failure which gives that strong opposite move

Anatomy of a Good WW

Of course I do not draw these many lines and do this many analysis but am able to now see a good WW by eye-balling only.
But thought will present the structure here using a good WW example so that interested people can practice to perfection.
Also note that all WWs are not perfect. Some market distortions are always there is all technical patterns.

Some known distortions
1. 5 may fail withing the wick of 3 like a virtual high or loww
2. target may stop at pt 4 with a high vol confirmation
3. pt 5 might break and fail within a short time giving a 7pt WW
4. An ascending Triangle can behave like a WW if it gives a BO failure....though the 1-3-5 line may be nearly flat
5. sometimes 4 may almost reach the parallel through 2 making it appear like a channel....In fact the closer it appear to that parallel the stronger the opposing force to the trend
6. and many more that I may not be aware of


And as you can see BNF5 8th July 2011 WW was a perfect WW with all conditions met and good structure

 

[pratapvb]

re: Day trading Nifty & Banknifty Futures

BNF weekly also shows a bearish WW target around 9500 or lower as mentioned in the wolfe waves thread. Expect the target to be met sometime in March (?Budget??)

March could be RBI policy also

can you tell me which is the thread mentioned here?

 

[starscream]

re: Day trading Nifty & Banknifty Futures

Pratap when u place an order do u place a hard stop immediately and how many points is your stop in bnf

 

[pratapvb]

re: Day trading Nifty & Banknifty Futures

Pratap when u place an order do u place a hard stop immediately and how many points is your stop in bnf

my stop is not based on pts but based on chart levels

in trend my trailing SL is on the other side of gold band.....I usually keep level +/- 15 to give some room ....if there is a suitable pvt it is pvt +/- 5

in sideways when I have taken a small trade near the sideways edge...it is on the other side of that edge

 

[timepass]

re: Day trading Nifty & Banknifty Futures

March could be RBI policy also

can you tell me which is the thread mentioned here?

Here's the thread. It now has a post by you too

http://www.traderji.com/technical-analysis/4674-wolfe-waves.html

This is the post regarding Banknifty bearish WW.

http://www.traderji.com/technical-analysis/4674-wolfe-waves-147.html#post918974