UNITED STATES OF BANKNIFTY
- Thread starter Top_Massage
- Start date
Fantastic .... the below scenario could be used as 'Case Study' ....
I tried four times going long. Made four attempts ... Finally, last one was successful ...
Attempted long trades on mainly three crucial supports: 28500, 28350, 28050 ... First two support levels got breached but last support of 28000 was JUST TOO STRONG (at least for today) ...
Each time I adjusted stoploss at either buying price or one point below buying price once the price jumped a bit everytime. In order to save yourself from unnecessary losses, one has to be proactive trader and not passive trader. You may study the below image in detail .... Thanks ... case study ends ... enjoy ...
Disclaimer: This forum is meant for educational purposes only.
I tried four times going long. Made four attempts ... Finally, last one was successful ...
Attempted long trades on mainly three crucial supports: 28500, 28350, 28050 ... First two support levels got breached but last support of 28000 was JUST TOO STRONG (at least for today) ...
Each time I adjusted stoploss at either buying price or one point below buying price once the price jumped a bit everytime. In order to save yourself from unnecessary losses, one has to be proactive trader and not passive trader. You may study the below image in detail .... Thanks ... case study ends ... enjoy ...
Disclaimer: This forum is meant for educational purposes only.
Last edited by a moderator:
Can you educate us a little about your entry and exit conditions? These are definitely not gut based trading. While I was looking for a sweet spot to enter short ( which was easy today), you did long like a boss !
I'm sure you're taking positions on breakout.
But what are your breakout conditions and what are you exit conditions?
How do you decide the crucial supports? may be a chart will useful to us many !
I'm sure you're taking positions on breakout.
But what are your breakout conditions and what are you exit conditions?
How do you decide the crucial supports? may be a chart will useful to us many !
Hi friend, thanks for your query. Good question indeed. To begin with, my trading setup is solely based on only two things in this entire trading universe and that is SUPPORT & RESISTANCE levels.
For example, 28500 (+ / - 50 points) was rather a crucial support. This is because we had recently tested the same level some couple of months ago and recovered from the same. But eventually, the markets slipped below it i.e. just after two months or so.
Moving forward, now what I am about to tell you is solely based on my personal study and observation regarding banknifty during last four years. Hence, you won't get to hear or read it anywhere else.
By very nature and characteristic of market movement (especially banknifty), every time banknifty index breaks an important level decisively (be it support or resistance), the index tries to retrace back again (on intraday basis), after every 250 points (+ / - 50 points) or after every 500 points (+ / - 50 points) and so on ....
Plus, being an options trader ... I tend to dive deep and live in the world of only one thing and that is PREMIUMS and that too on daily basis .... I keep a daily watch on jumping or melting option premiums ... I focus on intraday premium erosion on daily basis ..... and once I feel that it's correct time to pounce on an options contract, that is the time when I try to match suitable buying level and appropriate target based on nearest support or resistance. Usually, my stoploss is somewhere close to support or resistance only.
Last but not least, my only suggestion to my fellow traders would be ....... traders should start focusing and dealing more in numbers (i.e. levels) rather than just raw charts. Charts would NOT provide us money all the time .... but numbers (or levels) WILL .... Thanks friend ..... cheers
Disclaimer: This forum is meant for educational purposes only.
For example, 28500 (+ / - 50 points) was rather a crucial support. This is because we had recently tested the same level some couple of months ago and recovered from the same. But eventually, the markets slipped below it i.e. just after two months or so.
Moving forward, now what I am about to tell you is solely based on my personal study and observation regarding banknifty during last four years. Hence, you won't get to hear or read it anywhere else.
By very nature and characteristic of market movement (especially banknifty), every time banknifty index breaks an important level decisively (be it support or resistance), the index tries to retrace back again (on intraday basis), after every 250 points (+ / - 50 points) or after every 500 points (+ / - 50 points) and so on ....
Plus, being an options trader ... I tend to dive deep and live in the world of only one thing and that is PREMIUMS and that too on daily basis .... I keep a daily watch on jumping or melting option premiums ... I focus on intraday premium erosion on daily basis ..... and once I feel that it's correct time to pounce on an options contract, that is the time when I try to match suitable buying level and appropriate target based on nearest support or resistance. Usually, my stoploss is somewhere close to support or resistance only.
Last but not least, my only suggestion to my fellow traders would be ....... traders should start focusing and dealing more in numbers (i.e. levels) rather than just raw charts. Charts would NOT provide us money all the time .... but numbers (or levels) WILL .... Thanks friend ..... cheers
Disclaimer: This forum is meant for educational purposes only.
Good morning folks ... hope you had a nice weekend ....... moving forward ... we will have to take some clues from nifty ... 10850 approx is a crucial level ...
If bulls could reclaim and stay above 10850 for long enough, we go up ...
Otherwise, we may witness weakness in markets (which we are already seeing) ...
Choose very very wisely ..... Good luck friends
Disclaimer: This forum is meant for educational purposes only.
If bulls could reclaim and stay above 10850 for long enough, we go up ...
Otherwise, we may witness weakness in markets (which we are already seeing) ...
Choose very very wisely ..... Good luck friends
Disclaimer: This forum is meant for educational purposes only.
| Thread starter | Similar threads | Forum | Replies | Date |
|---|---|---|---|---|
|
Daily Market Analysis and Overview by Unitedpips | Technical Analysis | 2 | |
| M | Trade in UNITED SPIRITS Futures | Derivatives | 1 | |
|
United spirit | Equities | 12 | |
| L | United phosphorus | Introductions | 0 | |
| E | United States Preparing for DEFAULT | General Chit Chat | 1 |
Similar threads
-
Daily Market Analysis and Overview by Unitedpips
- Started by Unitedpips
- Replies: 2
-
-
-
-