Nifty Futures Intraday Trading Report July 29, 2011

Today was a harsh day indeed. Right from the very early periods, the value of the contract was choppy. The trading frame was initially showing bullishness; however the scenario changed by the time the contract touched 5450 levels.

A sharp rebound occurred from 5450 levels – this forced a dramatic change in the trading frame – the resistance points became supports and vice versa.

Should I state more? This day I had incurred losses. It was relatively easier to see the panic among the Indian traders. I entered long in between 5480 and 5490. More than three times or so, the contract touched my stop loss. After wreaking havoc, the contract began to surge in its value. I thought that I would get a chance to recoup the losses. Though the contract displayed great strength, it fell once again – back to my entry point.

Truly a disappointing day. Have a great weekend.

Update (09:49 July 30 2011): On the other hand, yesterday proved to be a great day for me in the currency markets. I entered long on EUR/USD in between 1.4260 and 1.4270. Squared off the trade in between 1.4390 and 1.4400.


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