General Trading Chat

There were many posts on swing trading yesterday.For swing trading,the trend is still up and most swing trading systems will have trend change indication at 7400 or below as of now. 30-40 points moves are day trading moves.For swing traders it gives opportunity to add or scalp few points and better his average cost.

Part profit taking can be considered in 7500 -7550 range on a steep rise.Swing trading systems went long above 7100 so it is a good profit accumulated on their long positions but there is no reversal of trend yet.Traders will go on calling reversal in every counter trend dip,taking short trades and getting stopped out.For shorting we will wait for the down move to start,till then traders have to be trading from long side.Various estimates of the extent to which this upmove will go, where it will reverse etc are only estimates and market is not showing any reversal yet.

Smart_trade
 

Fundootrader

Well-Known Member
There were many posts on swing trading yesterday.For swing trading,the trend is still up and most swing trading systems will have trend change indication at 7400 or below as of now. 30-40 points moves are day trading moves.For swing traders it gives opportunity to add or scalp few points and better his average cost.

Part profit taking can be considered in 7500 -7550 range on a steep rise.Swing trading systems went long above 7100 so it is a good profit accumulated on their long positions but there is no reversal of trend yet.Traders will go on calling reversal in every counter trend dip,taking short trades and getting stopped out.For shorting we will wait for the down move to start,till then traders have to be trading from long side.Various estimates of the extent to which this upmove will go, where it will reverse etc are only estimates and market is not showing any reversal yet.

Smart_trade
What would be reversal/step out for swing trader in this swing trade - 7350 levels ?
 
What would be reversal/step out for swing trader in this swing trade - 7350 levels ?
Reversal is 7400 but if we get a steep rise on Monday /Tuesday, I will be looking to take profits on at least half positions....and every rise will look to book profits but will not go short. The reversal level will change as per market moves.

7500-7600 will be profit taking levels for me in swing....enough in a trade, let us not be too greedy and leave lots of points on the table...better to put it in pocket. We have to achieve a balance between not being too fearful and book the profits in swing below 100 points ( unless there is a reversal) and not being too greedy and loose too much profits after 400 points.In case of crashing down moves we can even try to extract more beyond 400 points also as the down thrusts are fast and steep.

Smart_trade
 

Fundootrader

Well-Known Member
Hi ST

can you please let us know when you went long in nifty.

Thanks.
I think he mentioned this in earlier post - check for his old posts in same thread - on trading day next to budget day
 

333

Active Member
Hi ST

can you please let us know when you went long in nifty.

Thanks.
Hi, Hames

can you please let us know when you went long in nifty.:D
 

vijkris

Learner and Follower

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