Hi friends, I have been trading for the last 1 year and want suggestion from you guys.
If I trade stocks (Day trading or positional), then how much portion of weight age should be given to the nifty movement that day since sometimes NIFTY on its own drives the stocks towards its own direction even when the stock technicals said otherwise.
For ex- there is a breakout of support and its confirmed that the breakout has happened( no breakout failure). I am getting favourable candlesticks which shows bearish momentum on the daily charts. Now going by this I would surely be shorting the stock the other day. But if nifty rises tomorrow, this stock has high chances to rise, even when its bearish as per the technicals.
Guys how do you deal with it ?
Also apart from this, If a stock is on support and even after 2-3 days of positive nifty movement the stock does not rise, will it be safe to say that the support won't hold (since positive nifty was not able to rise the stock from support)?
If I trade stocks (Day trading or positional), then how much portion of weight age should be given to the nifty movement that day since sometimes NIFTY on its own drives the stocks towards its own direction even when the stock technicals said otherwise.
For ex- there is a breakout of support and its confirmed that the breakout has happened( no breakout failure). I am getting favourable candlesticks which shows bearish momentum on the daily charts. Now going by this I would surely be shorting the stock the other day. But if nifty rises tomorrow, this stock has high chances to rise, even when its bearish as per the technicals.
Guys how do you deal with it ?
Also apart from this, If a stock is on support and even after 2-3 days of positive nifty movement the stock does not rise, will it be safe to say that the support won't hold (since positive nifty was not able to rise the stock from support)?