General Trading Chat

So with all the whipsaws, it was a day of display of strength today... the move in last 15 minutes spoiled the bearish sentiments/bearish patterns in chart especially weekly charts (there was a possibility of closing below weekly open of 22741 but bulls made a good comeback .. looks like bulls are determined to go near BRN, though there is visible lower lows in the chart have to be vigilant with the longs till the major resistances are taken out..

These are compressed 1Tick charts. The red horizontal line in the OBV pane was the level to go short. The Green Horizontal line was the level to go long. With adds in both in between as per BD/BO. The blue horizontal line in OBV pane is the retrace levels from the fall. We have closed above it in both Price and OBV but there was a slight reduction in OBV levels from today's open. What to make of it. (Glass half empty or Half full)

ha ha
Why do I expect gap up. :lol:
Interesting question, because my BNF chart says so.

At around 12.30, I anticipated a move for 22777 and above, towards 22800, BNF did 22777 but reverted from 22790, it again tried a move for 22777 and above (I thought of posting my CP then, but didnt post) but reverted again from 22777, tried 3rd time did 22775 but not above it. Then finally it move above 22777 and keep moving up and so the rise was to be continued. The other reasons (why it will gapup), I may not want to divulge.

Similarly, if you check my posts on DOW, I posted on 17th for DOW to move above 20777 and a fast upmove. But it failed in 17th even after 2-3 tries and similarly y'day, unable to move above 20756.

Now today, if DOW be able to move above 20777, then will do 20844, may be in a quick move

Bank Nifty chart is more bullish than Nifty Fut.Reasons :

1) If you see 15 min chart, the BNF closed above its open.

2) It also closed near the high of yesterday.

3) It has made a higher bottom against the low made today.

4) The last candle produced a thrust which is likely to continue on Monday in a gap up open.

5) Price action has symmetry around 21 bars MA and the trendlines.

Smart_trade

ha ha
DOW, did an high of 20777.80 and stuck there, failed to move above it

Lets see how it pans out

Banknifty (spot) has made a doji on the daily. The choppy action today also indicates indecision.



On the weekly, banknifty spot has not touched its 3ema for 2 weeks now. Also, it made a gravestone doji (but it did that last week too).

So, we may be looking at a decisive week Monday onwards - either a quantum jump which will pull up the averages with it, or a deep retracement.

SGX Nifty (May 19) 9,484.00 +30.00

Good trend on caplin laps for last couple of days.

Did 20844, a while ago :lol:
and
now moving towards 20888/99

Requesting valuable input from Currency Traders who had burnt their fingers, as I am about to take my first leap into that arena. I am not looking for generic trading mistakes (e.g size, RR, discipline, following systems etc). However, each instrument has its Unique pothole - anything specific to currency? anyone?