Nifty Futures Intraday Trading Report August 01, 2011

The first trading day of the month. With lot of expectations, I fired up my trading terminal.

Things were not quite alright right from the very early stages of the trading session. For instance, the day opened up with a huge gap-up after closing at 5480 levels on Friday. Secondly, the trading frame of nifty futures and mini-nifty futures were different. In other words, I was expecting a volatile session for the rest of the day – and it did not disappoint me in those aspects!

I had shorted the contract in between 5530 and 5540. This trade, I had to square off for 10 points. I re-entered the trade for a second time, however I went long in between 5510 and 5520. Despite showing potential for a upmove, the value of the contract fell. I got stopped out and gave back the 10 points which the market had given me. Towards the closing hours, there was indeed a relief rally from 5500 levels (just as I had anticipated). I did not participate in this mad rush, though – since it was violating core rules of the trading frame for the day.

The currency markets were benevolent to me today too. I shorted the EUR/USD and could take approximately 180+ pips on this day.. 🙂


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