Nifty Futures Intraday Trading Report September 05, 2011


After a brief time period, I decided to keep on updating my daily trading journal from today.

5005.56 and 4917.52 were two points of importance today. The former being the resistance and the latter being the support.

Trade 1: Shorted below 4990. This trade hit the stop loss after trading the major part of the day below the trade point.

Trade 2: By mid-day, I entered long above 5010. This trade was also stopped out.

Trade 3: Once again the value of the contract fell to 4990 levels – naturally, I shorted. This trade got stopped out in the same manner.

Throughout the day, the contract was wandering meaninglessly. Yes, the bottom and top catchers may have had a field day today – after the contract hitting through their stops multiple times. I am still unable to gather the reason for volatility in our markets. Everyday, I have noticed the presence of a rogue bullish or bearish force – this force or group of traders highhandedly determine the true trend for the day. And for them major support and resistance values are meaningless offerings! We will slice through major physiological levels as a hot knife through butter. 🙂

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