Today Nifty futures formed a perfect Bullish Pin bar as per Nehal_s143's method ...Crude's expiry tomorrow is causing it's price to go up and maybe some pressure on the dollar index. All that seems to be driving american markets up. Europe too, is off its lows. Let's see how these markets end today.
The problem is, I can never work out where to put my entry, exit, stop loss etc. precisely, given x% retracement etc. So can someone work out the targets for tomorrow according to Nehal's theorem below and post it here.
Check each chart when the daily bar closes for a pin bar
Make sure it is bouncing off of a major support and resistance level
If the pin is pointing up against the resistance level we are looking to sell
If the pin is pointing down against the support level we are looking to buy
Set the 50% fib or 61.8% level of the pin bar to find your entry
work out your risk for 2% - 5% of the account
set your entry order at the 50% or 61.8% level
place your stop 5 points the other side of the pin bar (pointy side)
set your take profit level depending on which exit strategy you wish to use
always bring your stop to break even once you are in profit by the same amount as you risked
if your trade is not triggered on the next daily bar then close the trade and look for a new one
See Nifty example for above
Seniors please write afl for this great method :thumb:
The problem is, I can never work out where to put my entry, exit, stop loss etc. precisely, given x% retracement etc. So can someone work out the targets for tomorrow according to Nehal's theorem below and post it here.
Check each chart when the daily bar closes for a pin bar
Make sure it is bouncing off of a major support and resistance level
If the pin is pointing up against the resistance level we are looking to sell
If the pin is pointing down against the support level we are looking to buy
Set the 50% fib or 61.8% level of the pin bar to find your entry
work out your risk for 2% - 5% of the account
set your entry order at the 50% or 61.8% level
place your stop 5 points the other side of the pin bar (pointy side)
set your take profit level depending on which exit strategy you wish to use
always bring your stop to break even once you are in profit by the same amount as you risked
if your trade is not triggered on the next daily bar then close the trade and look for a new one
See Nifty example for above
Seniors please write afl for this great method :thumb:
Since Taneja is a bit busy, here are the trading stats for the day. Now both FII & DII were sellers in the cash segment, FIIs were net sellers in the Futures segment but bought a lot of options, and it was a low volume day, ok. So, maybe the small guys were just sleeping off the shock of gap down today. But who was buying ?
--------------------BUY----------------SELL
No. of contracts Amt in Crores No. of contracts Amt in Crores
INDEX FUTURES 97181 2439.40 106947 2668.82
INDEX OPTIONS 452364 11243.89 438898 10932.87
STOCK FUTURES 153959 3865.47 167407 4184.91
STOCK OPTIONS 18295 455.24 17522 439.54
--------------------BUY----------------SELL
No. of contracts Amt in Crores No. of contracts Amt in Crores
INDEX FUTURES 97181 2439.40 106947 2668.82
INDEX OPTIONS 452364 11243.89 438898 10932.87
STOCK FUTURES 153959 3865.47 167407 4184.91
STOCK OPTIONS 18295 455.24 17522 439.54
Testing
--------------------BUY----------------SELL
No. of contracts Amt in Crores No. of contracts Amt in Crores
INDEX FUTURES.... 97181.... 2439.40.... 106947.... 2668.82
INDEX OPTIONS.... 452364.... 11243.89.... 438898.... 10932.87
STOCK FUTURES... 153959.... 3865.47.... 167407..... 4184.91
STOCK OPTIONS.... 18295.... 455.24.... 17522..... 439.54
--------------------BUY----------------SELL
No. of contracts Amt in Crores No. of contracts Amt in Crores
INDEX FUTURES.... 97181.... 2439.40.... 106947.... 2668.82
INDEX OPTIONS.... 452364.... 11243.89.... 438898.... 10932.87
STOCK FUTURES... 153959.... 3865.47.... 167407..... 4184.91
STOCK OPTIONS.... 18295.... 455.24.... 17522..... 439.54
Testing
HTML:
--------------------BUY----------------SELL
No. of contracts Amt in Crores No. of contracts Amt in Crores
INDEX FUTURES 97181 2439.40 106947 2668.82
INDEX OPTIONS 452364 11243.89 438898 10932.87
STOCK FUTURES 153959 3865.47 167407 4184.91
STOCK OPTIONS 18295 455.24 17522 439.54
Last edited:
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