NIFTY Futures Mechanical Trading

Discussion in 'Futures' started by nadodav, Oct 27, 2007.

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  1. nadodav

    nadodav Well-Known Member

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    Dear All,

    I am starting a new thread for Nifty Futures Traders. I am successfully following my own trend following mechanical trading system for NIFTY futures which i would like to share with you all. I will be posting daily two levels i.e. support & resistance for nifty futures alongwith my current position. These support & resistance are short term trend reversal points and not daily support & resistance levels though it has also worked very well in so many ocassions. My daily posting will look like this -

    NIFTY FUTURE For October 29,

    Current position : LONG (at 5479 on 25/10/2007)

    Support : 5573
    Resistance : 5728

    Hold LONG positions with SL 5573. If trades below 5573, exit LONG & go SHORT with SL 5728


    This means, we are currently LONG in Nifty. And if nifty trades below support i.e. if on Oct 29, Nifty futures trades below 5573 for 2-3 minutes, we will exit LONG & go SHORT with SL as resistance. in this case it is 5728. Incase of SHORT positions, we will look for market to trade above resistance to exit SHORT & go LONG.

    So we are simply continuously will be in trade at any point of time either LONG or SHORT. there is no need to book profit as it will be taken care by these level it self. We will capture major part of short term trend in both ways i.e. up as well as down.

    Whenever market trades rangebound, than we may have some series of small losses as trend following system will fail in rangebound market. So i request you all initially just watch the levels before putting actual money into trade. I request you to simply paper trade and keep records in excel sheet for atleast two months & once you confident enough, you can trade.

    those who are new to futures trading, i think this will be the right place to learn trading futures in more disciplined way. every time you take any positions, you know what will be your exact loss if it goes against you so your emotions, fear etc will be removed.

    Pl post your comments, views & feedback.

    Vinod Nadoda

    Updated on 24/11/2007

    I have attached "Nifty fut.xls" till date which may be useful to keep track with my levels. i will keep updating on weekly basis here. Last one year result alongwith trades are also attached.

    Vinod Nadoda
     
    Last edited: Sep 7, 2008
  2. nadodav

    nadodav Well-Known Member

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    NIFTY FUTURE For October 29,

    Current position : LONG (at 5479 on 25/10/2007)

    Support : 5573
    Resistance : 5728

    Hold LONG positions with SL 5573. If trades below 5573, exit LONG & go SHORT with SL 5728

    Vinod
     
  3. aabhi06

    aabhi06 Well-Known Member

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    Dear vinod,
    As you mentioned it is short term , so the target is 25/30
    points or else?
    Thanx.
    Abhishek.
     
  4. nadodav

    nadodav Well-Known Member

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    No. 25/30 points. short term means short term trend i.e may be 2 weeks around. just watch for couple of days, i think it will clear all your doubts

    Vinod
     
  5. aabhi06

    aabhi06 Well-Known Member

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    ok . lets see,i will follow your suggestion.
    thanx.
     
  6. radzman

    radzman New Member

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    This looks really good to try.
    No second-guessing the market..;)

    Maybe U could update and post the XL sheet whenever the setup throws up a trade..easier to track at one place..

    Thanks.
     
  7. indrag91

    indrag91 Member

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    Welcome Mr Nadoda,
    All the Nifty future yahoo group members are already familiar with your levels. My best wishes to you.
    Happy trading
    Raj:)
     
  8. DKCHANDRA

    DKCHANDRA New Member

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    Good one man


    this is very useful to new traders..
     
  9. nadodav

    nadodav Well-Known Member

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    NIFTY FUTURE For October 30,

    Current position : LONG (at 5479 on 25/10/2007)

    Support : 5738
    Resistance : 5931

    Hold LONG positions with SL 5738.

    Happy Trading

    Vinod
     
  10. rkkarnani

    rkkarnani Well-Known Member

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    Sir, Your system is working really good though at times the SL is a bit TOO BIG for comfort!!!!
    Anyway to have smaller SL , may be with smaller targets. I do understand your system keeps one in trade either short or long but if one wishes to exit early, any way of applying a smaller SL!??
    Regards
    -R K Karnani
     
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