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
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