Headstrong Bhai ....u covered your puts or still holding/adding. I am looking to short nifty around 10450 levels if get tomorrow
I was holding part of 24000PE bought around 62, already booked 50% 3 times higher. so there was no risk.
But, I was expecting a break of low 24300 bnf, waited for long but new low don't come. Around 2:40 pm I put a trailing stop and target for same 335 (I was told before). This time my stop hit around 2:48 pm.
Market failed to break the low created almost a double bottom, which could be a sign for some retracement up now. Double bottom usually a stronger pattern.
But, as I told I wanted to hold some 24000 PE till weekly expiry. I will try to buy it again later, may be oct 10 may give opportunity,
lets see how fast bears can neutralize that double bottom effect.
Today I don't trade long side but entered short BNF @
24805 (golden fibo resistance of previous swing ). My intraday leveraged trades squared off approx 100 points profit. I am holding the 24000 PE again bought around then when BNF was above 24800.
If you want to short, try to short at higher level and near to resistance or fibo levels.
For BNF current resistance levels 24790-810 (where I short) above that 24890-920 and then 25110-135. Around 25000 spot there is options chain resistance too.
Strategies varies from traders to traders. I short at important levels with small stop, I try to find out the pinbars in small time frames around that level quickly for added confirmation. And I scaled the positions too.
For NF resistance around 10460-505 then approx 10590-610, then 10795-850 (vital resistance).
Wait and watch the price action in small time frame to short where resistance lies. Lower time frames print the bearish candles early (similar strategies for for bull moves).
As market is in oversold condition, we can see sharp retracement (up moves), these are opportunity to short and fresh short always when market creates new low. Now market will attract shorts at higher levels.
When the retracement up is finished NF will try to test 10000 level first. That probability is still high bcoz after such quick and deep fall monthly-weekly charts are into the bear grip now.
Secret Tips:- This is more sell on high market now.. Try to find the pin bars (15m chart) around the resistances.
Bear market volatility is there so the retracement bull rally will be sharper too, which will give us good opportunity to make profits. Positional long is still risky unless market closes above 10850.