Nifty Futures Intraday Trading Report April 06, 2011

Yet another day when the novice traders could get slaughtered. My original shorting point for the day was 5976. The contract after scaling up to 5971 began to fall. Since I enter the trade only if the contract touches the designated values, I did not short at this point.

Support point for the day lay in between 5890 and 5900. Upon touching these levels, the contract began to surge once again. Anticipating this rise (the same situation occurred yesterday too), I bought the contract at 5892. The system squared off the trade at 5915; and my original target of 5937.50 was never achieved for the rest of the day.

The EUR/USD pair seems to be flying likewise; I shorted at around 1.4257 anticipating a fall. However, it rose and touched the next resistance point i.e. 1.4296. I am currently long from this point. Target is 1.4336 / 1.4375. This particular method which I have been implementing on forex and Indian markets is still in testing phase. So far, it has given me profits all this week on the Indian markets. The situation was similar in currency trading until this day.

Update 1: After sensing no further up move for the day, I squared off the trade at 1.4336.


About Praveen Pious Francis
A part-time blogger who has a wide range of interests including investing in the stock markets across the globe and broadband technologies in India.

One Response to Nifty Futures Intraday Trading Report April 06, 2011

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