TRADING NIFTY on DAILY TIME FRAME

NTrader42

Well-Known Member
#1
Hello

I am planning to start trading Nifty on Daily TF. I will use this thread to track the nifty trend on daily time frame.

To track the trend I am using the daily candles with a 5 days EMA of Open & Close on the chart. The direction of the EMA will give us basic idea of the current trend. Further refinements based on opening gaps, exhaustion moves and basic candle formations like if the price is making a higher high or lower low on daily basis etc.

This is not a mechanical system that i am using, i am open to use my judgement to take a call on when to go long or short or stay out of the trend. i do not consider using discretion in trading as a negative or bad thing. i know many traders will disagree with this and many prefer a definite up and down arrows on the charts to initiate the trade.

Current trend is clearly down but not tracking this current short trade on this thread as the entry is an old one.

As i see the charts now, we will go long on Nifty Future if it closes above 4850.

Thanks
 

NTrader42

Well-Known Member
#3
Hello

The key levels for reversal of trend on Nifty remain in the same area around 4850. However the continued fall of nifty gives us an opportunity for taking an early test entry into the long side. I will initiate the long trade if the daily close is above 4710. However the long will remain iffy below 4850.

Thanks
 

NTrader42

Well-Known Member
#5
Hello

The key levels for reversal of trend on Nifty remain in the same area around 4850. However the continued fall of nifty gives us an opportunity for taking an early test entry into the long side. I will initiate the long trade if the daily close is above 4710. However the long will remain iffy below 4850.

Thanks
Hello

Today's close took us into the long mode.

Long 1/3 units @ 4720.

Thanks
 
Last edited:

SavantGarde

Well-Known Member
#6
Hi NT42,

Is there anyway you can post a chart here of Nifty whether spot or future doesn't matter......Each candle must represent 3 Days & 5 EMA for one chart & 20 EMA on another chart.....You think it's possible.... apologies for this request...but don't have anything at the moment to do it except MT4 where it ain't possible.....!!!


Thanks A Ton

SG
 

NTrader42

Well-Known Member
#7
Hi NT42,

Is there anyway you can post a chart here of Nifty whether spot or future doesn't matter......Each candle must represent 3 Days & 5 EMA for one chart & 20 EMA on another chart.....You think it's possible.... apologies for this request...but don't have anything at the moment to do it except MT4 where it ain't possible.....!!!


Thanks A Ton

SG
Candles of 3 days maybe possible on MT4, but the charts will differ depending on when u start you will get 3 different ones :)



Ref for period converter on MT4: http://www.forex-tsd.com/indicators...-make-mt4-show-10m-20m-2h-3h-timeframe-2.html
 
Last edited:

NTrader42

Well-Known Member
#10
Hello

No change in the position today continue to hold the previous long. Will increase position only if we get a close above 4850.

Thanks
 

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