NIFTY Futures Mechanical Trading

nadodav · #**661** 6th June 2008, 07:48 PM

NIFTY FUTURE For June 9,

Current position : SHORT (at 4608 on 06/06/2008)

Nifty Fut Closed at : 4608.20

Profit/Loss in current trade : -00.20 (as per last closing price)
Net Profit/Loss since thread started : +1580.80 (1581.00-00.20)

Support : 4553
Resistance : 4668

Hold SHORT position with SL 4668. If trades above 4668, exit SHORT & go LONG with SL 4553.

Happy Trading.

Vinod

coolbuddyin · #**662** 6th June 2008, 08:22 PM

hi vinod ..if we break support levels of 4553 for monday decisively..then will it become new resistance for short position thereafter or just levels u mentioned ?
coz monday also our markets will be more volatiles like they as they did today
pls explain

debdeeps · #**663** 6th June 2008, 10:06 PM

Code:

hi vinod ..if we break support levels of 4553 for monday decisively..then will it become new resistance for short position thereafter or just levels u mentioned ?
coz monday also our markets will be more volatiles like they as they did today
pls explain

Hi coolbuddyin,

If NF breaks 4553 on Monday then it will be a resistance for longs and not shorts. Now since you are short you need not to worry abt 4553 now just concentrate on 4668 for Monday. If NF trades above 4668 for at least 2-3 mins or NF reaches 4674-4676 which ever first then flip your position to long.

By the way if you are still long then chances are there that market may bounce back from 4553 to 4580-4600 (considering a down trend of the market will continue on Monday as well), reverse your position as soon as you see 4580 cracks. And if doesn't bounce back immediately reverse position after seeing 4553 cracks after trading 2-3 mins or 4545 breaks. Huge down fall can be expected after breaking of Nifty supports 4580, 4553, 4527 and 4468.

arjit · #**664** 7th June 2008, 10:12 AM

Hello Senior,I have taken long position at 4686 but did not reverse it on 4608.What should i do on monday?

nadodav · #**665** 7th June 2008, 09:04 PM

Quote:

Originally Posted by coolbuddyin

hi vinod ..if we break support levels of 4553 for monday decisively..then will it become new resistance for short position thereafter or just levels u mentioned ?
coz monday also our markets will be more volatiles like they as they did today
pls explain

Hi,

When we are SHORT, than do not look SUPPORT. we just want to see that the market remain trades below daily RESISTANCE. On any day, if market trades above RESISTANCE than we change our position (SHORT to LONG) & after that, we now look only daily SUPPORT & not RESISTANCE and if any day market trades below SUPPORT, we change our position (LONG to SHORT).

I hope you understand the system. if not, pl get back

Vinod

coolbuddyin · #**666** 7th June 2008, 09:32 PM

Quote:

Originally Posted by nadodav

Hi,

When we are SHORT, than do not look SUPPORT. we just want to see that the market remain trades below daily RESISTANCE. On any day, if market trades above RESISTANCE than we change our position (SHORT to LONG) & after that, we now look only daily SUPPORT & not RESISTANCE and if any day market trades below SUPPORT, we change our position (LONG to SHORT).

I hope you understand the system. if not, pl get back

Vinod

i was asking that question because i have few doubts..we hold short and by imagination if monday trades below 4553 and goes to 4510 or below and recovers from that levels to 4608 i.e on account of global cues being positive in afternoon or last hour (this can happen though chances are very low.,but our markets behaving very volatile in last few days, behaving in weird manners )...
according to your system is it advisable to consider 4553 as new resistance level and to reverse the holding to long , so that we can have some profit or or just change position only when level of 4668 reached..
if it closes below levels of support ,there would be absolutely no problem as you will provide new levels for next day..

pls explain..sorry if i trouble you too much
thanks in advance..

sanx · #**667** 9th June 2008, 10:44 AM

Now since Nifty has cracked Support : 4553 , we need to reverse and go LONG with stop loss of ?(XX) and 4553 as resistance ?
what should be the stoploss on the downside ?
or just go LONG without worrying on the downside ?

jace48 · #**668** 9th June 2008, 11:00 AM

Dont worry about support worry only about stoploss.

Ank!t007 · #**669** 9th June 2008, 11:13 AM

Quote:

Originally Posted by sanx

Now since Nifty has cracked Support : 4553 , we need to reverse and go LONG with stop loss of ?(XX) and 4553 as resistance ?
what should be the stoploss on the downside ?
or just go LONG without worrying on the downside ?

Please read the previous post of nadodav.
Reverse your position if it crosses day high i.e 4540

Ankit

sanx · #**670** 9th June 2008, 11:21 AM

Quote:

Originally Posted by Ank!t007

Please read the previous post of nadodav.
Reverse your position if it crosses day high i.e 4540

Ankit

yes sir , I read that ,we need to go LONG , but with what stoploss ?
thats what I dint understand , can you help ?

One more I need to understand is that if we reversed SHORT and gone LONG at 4553 , we found that market slided and went further down all the way till 4420(as off now ) , is reverse a wise decision ?