Set-Ups disscused & practised @ Nifty Futures Trading Thread.

U

uasish

Guest
#1
Am opening this new thread so that as we post LIVE On Mkt ,our intraday trading of Nifty Fut in "Nifty Futures Trading" thread,what happens the Set-Ups we use for our trading is some times ,not mentioned ,due to time constraint or some other reason.
Members are not much benifited in our postings of Levels but would definetly
be benifited if some Set-Ups are discussed for Intraday Trading.As our Teacher taught us to provide the Angling Rod than the Fish.
More over that thread has crossed 1400 pgs,so difficult to fish out the relevant part.
 

Sunil

Well-Known Member
#3
a small request to my friends & co-members...

http://www.traderji.com/derivatives/18953-nifty-futures-trading-1406.html#post220505

Great idea, Asish da...

just the other day, i (taking cue from czar) was admiring Saint sir's "60 min flow THREAD" where they have some strategies about certain situations, but the main goal remains fixed - staying with flow (thru positional trades)....
A good platform for intraday traders to discuss & share some tried & tested strategies, which work most of the time

I would request all my co-members to participate in the new thread - just a small request - this thread (part 1) is like a CLASSROOM... studying, along with some tit-bit chatting
Part 2 thread (by czar) is like a COMMON ROOM, where we all share nifty views & trading ideas in a light-hearted manner after EOD, but being focussed too at the same time...

for this new thread, i would request all to treat it like a LIBRARY - silence is not only golden but treasured... let's keep that thread for sharing & learning & discussing new strategies about intraday & positional nifty trades...

after all, as Asish da mentioned, each page of the new thread should be only about INFORMATION & KNOWLEDGE.... so that one does not have to dig into pages searching for relevant info...
I hope u all understand the mutual benefit behind this request...
PLEASE, NO
 
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#4
Hi all, there are many set-ups that i trade but some are more important to me than others across 5min,60min and daily .... usually with these set-ups i dont wait for pivot to break as a trendline breach is enough for me to get on to the trade. Mentioning two here and more as we go along (i think plenty of fellow traderji members are aware of this and hence this is for the uninitiated):

1.this h and s was spotted at close in nifty futures yesterday 5 min.... when the first h and s formed i took the trade but as the lower h and s was forming Czar was one person who took the trade bang on the right shoulder top which is usually where we should look to go short .

2.this ww was again posted yesterday(formation happened at previous days close) but just thought of bringing it to the notice of every one here...
http://www.traderji.com/derivatives/18953-nifty-futures-trading-post219916.html#post219916
3.this h and s top was formed in daily and across charts in world markets and thats why i mentioned last week a major sell-off might happen in the world market this week ... enc chart.In some charts like hanseng and dow the h and s neckline was slanting down which is considered to be more bearish...

also charts always tell us before what might happen in the future but we might not always listen to it due to something inside that keeps telling us do this , do that and that something inside tells us so because of factors like media , personal ego ,someone who told us fundamentally this stock is blah blah etc.... we should always go by charts only and nothing else matters ...no matter what price the market/stock is as it is the set-up which is more impotant than price levels.(at 6100 we might go long and at 3000 we might go short depending upon the set-up ).... i hope some senior members also come forward and impart their knowledge ( it will be of help to people like me)...
 

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praveen taneja

Well-Known Member
#5
sir any of the trader or senior pls can u tell here that which style u use except charts etc bcoz i feel very tough reading n understanding all these charts n avoiding going for software of chart with buy sell signal .is there any other style or set up of trade pls tell us people like me who want to learn other ways too??????
 
#6
Wishing you all the best,Asish.....looking fwd to it!

Saint
 

biyasc

Well-Known Member
#9
sir any of the trader or senior pls can u tell here that which style u use except charts etc bcoz i feel very tough reading n understanding all these charts n avoiding going for software of chart with buy sell signal .is there any other style or set up of trade pls tell us people like me who want to learn other ways too??????
hi praveen. once upon a time i thought like you. i didn't like to watch charts for my trading decisions. i thought that the chart is not going to work for me. but i was wrong & wasted lots of time. but that was good for me, because i took a step forward & tried to understand the logic of a price movement on charts. now i realized that a simple & single 5-minute chart (without any indicators) can make fortune if traded with proper disciplines & rules. so i would suggest you to go with charts & try to understand the logic behind a price movement. dont say that "i feel very tough reading n understanding all these charts". it tells us that you are already defeated.

wish you best of luck.

regards,
biyas chatterjee.
 

Sunil

Well-Known Member
#10
ANALYSING 5 MIN & 60 MIN FUT CHARTS FOR INTRADAY TRADING

Biyas Da has actually told my story, and also concluded with the importance of chart-reading as first step of chart analysing...
One should overcome the fear of chart-reading, and learn how to make them your true GUIDE while in trade.

First, let us understand how to READ intraday charts. I use 5 min charts to mark out all levels as SUPPORTS & RESISTANCES which can come handy during intraday scalping trading, and then refer to 60 min charts to sort out the KEY ones among them, which can come handy in intraday swing trades.

Let's first see a 5 min chart of last 5 days.. (actually, sometimes for the next trading session, even last 3 day chart may be enough)

In the chart attached, one can see RED & GREEN BARS. Begin from the last trading session and keep moving left when the day's range of levels get exhausted...

The LOW OF GREEN BARS (WITH GOOD BAR HEIGHT OR WITH LONG TAILS) INDICATE GOOD SUPPORT LEVELS, FROM WHERE BUYING/SHORT-COVERING HAD EMERGED DURING TRADE.

SIMILIARLY, THE HIGH OF RED BARS (ESPECIALLY ONES WHICH APPEAR LIKE THE TOP OF TRIANGLE) INDICATE GOOD RESISTANCE LEVELS, FROM WHERE SELLING/PROFIT-BOOKING HAD TAKEN PLACE DURING TRADE.

AND AREAS/ZONES, WHERE THERE SEEMS TO BE LOT OF CONSOLIDATION & ZIG-ZAG MOVEMENTS, INDICATE GOOD RSR LEVELS (PROVIDING BOTH RESISTANCE & SUPPORT - MOSTLY THESE ARE LEVELS IN MULTIPLES OF 50, EG 4000, 4050...) THESE REALLY COME HANDY FOR SCALPING TRADES, EITHER FOR INITIATING OR AS STOPS

The good support levels for 19/9/08 from the above chart are:
4022 / 4007 / 3994 / 3967 / 3888

Resistances: 4072 / 4082 / 4098


AND NOW MOVING TO 60 MIN CHART - this indeed cuts out the "noise" factor and gives a sense of direction of the flow.

Here too, the same logic applies for finding supports & resistances - but, if one spots a cluster of bars ending or starting from same level, then that level also becomes support or resistance, as the case maybe, irrespective of the colour of the bar. For example, the last 3 bars of 17/9/08 had lows of around 3990... this indicates RSR level, and can provide resistance if coming from down, or provide support if coming from up... and as expected, in the next trading session of 18/9/08, it turned out to be the high of 12:00 bar (infact, NF fell from 3996 to 3960 between 12:40 and 12:50)... as said earlier about the importance of RSR levels...!!!

From the 60 min charts-
SUPPORTS: 3994 / 3982 / 3888 / 3586
RESISTANCES: 4072 / 4098 / 4216 / 4279 / 4305 / 4319

Actually, there are other levels too between 4100 & 4200... I had to increase the time period of the chart to 3 months (not posted here, because then the levels would not appear clear due to size issue)
4138 - 4150 - 4163

Now, just marry the two sets (5 min & 60 min) and you have your "magical" levels ready...

One should make full advantage of times when Round figure levels appear in SPOT or in FUT (whichever comes first).... they remain the KING OF RSR levels for scalping of more than 15 points, and come handy for both longs & shorts...

Do this exercise every evening... note down these levels & try to do actual trading using them - start with small qty / use mini - this will enhance your confidence...

ALSO, DURING TRADING HOURS, APPLY THE SAME METHOD TO GET FRESH SUPPORTS & RESISTANCE FROM THE ACTIVE TRADING SESSION'S INTRADAY CHART....
 

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