NIFTY Futures dilemma

A

amitpethkar

Member
#1
#1
Last 4 days NIFTY was going up after a big fall ( CRR hike). Today NIFTY started negative and fell to 3820 level, then again it started rising and closed positive. At 3:00 a.m. today it hit intraday resistance at 3850 and closed below that and neutral for the overall day.

I thought of entering long today in the last one hr after market started showing strength after first half fall. But as market has already gone up so much, it needs a breather. I like to enter on pullbacks. So I was in dilemma whether to enter or not.


I know in markets things are never 100% clear and we need to test waters.
I would like experts to comment about how they decide their actions and what is their thought process in this situation? This will give me chance to know different perspectives and aid me in becoming better trader.

I have attached NIFTY intraday chart from Yahoo for reference.

I will be coming up with more such scenarios and this might help others too.

Thanks,
Amit
 

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A

amitpethkar

Member
#2
#2
Experts please comment on the above question.

Above question was related to swing trading more than day trading.

Please find attached today's NIFTY chart for reference.

Today also market went up, formed double top, gone down, found support at 3850, went up and hit a strong resistance at 3875, little correction and again hit 3875, four times in a row. Looked like big obstacle to get over.

Fell down again, now my question was SHORT a good idea after a pullback at 3870? It fell to 3855 and that pullback makes me nervous:confused: .


Thanks,
Amit
 

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U

uasish

Guest
#3
#3
amitpethkar said:
Last 4 days NIFTY was going up after a big fall ( CRR hike). Today NIFTY started negative and fell to 3820 level, then again it started rising and closed positive. At 3:00 a.m. today it hit intraday resistance at 3850 and closed below that and neutral for the overall day.

I thought of entering long today in the last one hr after market started showing strength after first half fall. But as market has already gone up so much, it needs a breather. I like to enter on pullbacks. So I was in dilemma whether to enter or not.


I know in markets things are never 100% clear and we need to test waters.
I would like experts to comment about how they decide their actions and what is their thought process in this situation? This will give me chance to know different perspectives and aid me in becoming better trader.

I have attached NIFTY intraday chart from Yahoo for reference.

I will be coming up with more such scenarios and this might help others too.

Thanks,
Amit
Click to expand...
Amit,
I can speak only for myself,whenever in dilemma ,doing nothing is my strategy
Mkt is here & will be here atleast to the end of my life & everyday there r numerous oppurtunities,then why i will have to trade when in dillema .Why to catch the bottom or top.After initiating a trade i am committed,so until & unless i am convinced i will loose in 100 out of 100 times ,becoz in a slight spurt i will cut my position resulting in notional profit loss,that is also loss.Waiting game gives dividend & vulcanizes the belief to boost confidence.

Asish
 
A

amitpethkar

Member
#5
#5
Thanks uashish for the reply!!!

As I mentioned as I was not comfortable with entry, I did not initiate one.
I just wanted to know if one swing trade NIFTY and have also gone through some emotions, maybe not dilemma. I agree the opportunities are never lost.
Maybe from technical perspective how people anaylze this kind of situation.

If you trade NIFTY Futures and if you dont mind could you please elaborate your strategy? As I said this is to learn and get better.

Thanks,
Amit
 
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