For time being I have been looking for some strategy which requires minimal time in front of screen. I have one "Mid day break out" system which is very good; but even that I am finding difficult for its night time for me.
I hope this one will turn out great for me and for every one who wants to try it out.
Lets roll. By the way all the trading decisions are on day chart.
I have observed
NIFTY moves from X000 to X200, X200 to X400 etc etc. And BANKNIFTY XX500 to XX000 etc. To state clearly NIFTY will go to 5200 from 5000 or will come to 4800 from 5000. For BANKNIFTY it is from 10000 to 10500 etc.
Now the best way to use this info is to look for reversal or break out on these levels on smaller time frame like 30 minutes. But I want some thing simpler than this.
This is what I have come up with.
Say yesterday NIFTY closed at 4940. And today it closed at 5060. Tomorrow onwards I will look to long NIFTY at 5000.
After that my target will be 5200 and my stop 4950 or a daily close below 5000.
If you come across 3 to 4 consecutive stops, NIFTY is in channel and look to enter trade at break out of next X000 level.
The best thing about this strategy is
1) It works very good in trending market and it should make at least 1000 points on NIFTY yearly basis. I checked it since 2010.
2) It works great on NIFTY options spread. [I will upload options spread strategy for NIFTY soon]
3) With candles around the X000 levels, this strategy is awesome. Traders with daily screen time can exploit it better.
I will come up with charts.
I hope this one will turn out great for me and for every one who wants to try it out.
Lets roll. By the way all the trading decisions are on day chart.
I have observed
NIFTY moves from X000 to X200, X200 to X400 etc etc. And BANKNIFTY XX500 to XX000 etc. To state clearly NIFTY will go to 5200 from 5000 or will come to 4800 from 5000. For BANKNIFTY it is from 10000 to 10500 etc.
Now the best way to use this info is to look for reversal or break out on these levels on smaller time frame like 30 minutes. But I want some thing simpler than this.
This is what I have come up with.
Say yesterday NIFTY closed at 4940. And today it closed at 5060. Tomorrow onwards I will look to long NIFTY at 5000.
After that my target will be 5200 and my stop 4950 or a daily close below 5000.
If you come across 3 to 4 consecutive stops, NIFTY is in channel and look to enter trade at break out of next X000 level.
The best thing about this strategy is
1) It works very good in trending market and it should make at least 1000 points on NIFTY yearly basis. I checked it since 2010.
2) It works great on NIFTY options spread. [I will upload options spread strategy for NIFTY soon]
3) With candles around the X000 levels, this strategy is awesome. Traders with daily screen time can exploit it better.
I will come up with charts.
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