Nifty Futures Intraday Trading Report May 18, 2011

A profitable day.

Initially I shorted the contract at about the high price levels (5460). Covered it by buying back at the days low price region (5400 – 5410 levels).

The second trade consisted of me going long once again at the bottom levels (5400 – 5410). This trade was squared off in between 5420 and 5430.

Nifty Futures Intraday Trading Report May 17, 2011

Not a spectacular day. The day started off with losses – I had initially shorted the contract at about 5508. Seeing the contract’s value rising, I squared off that trade; only to realize the market falling off from this level. I presumed 5469 would hold the market, but after the announcement of the SBI results, it began to falter.

A disappointing day in the currency markets too – with the EUR/USD moving crisscross of 1.4160; only to surge to greater heights later 😦

Nifty Futures Intraday Trading Report May 16, 2011

Ever had one of those days when nothing seems to work?

This was one such day.

As usual, the day started off with me watching the price action of the nifty futures contract. 5518 seemed like a good point to go long. After playing a few minutes above 5518 (it even touched 5530 levels at one point of time), the value began to fall. I had placed a stop loss at 5508, which got triggered eventually.

By this time, the contract entered the second trading frame for the day – going long at 5488.30 seemed wise. I waited until the contract touched that point; the trade got squared off at the same level.

A non productive beginning to yet another week of day trading.

Afterthoughts: Strong bearishness prevailed during the entire day. The contract opened below the last trading day’s closing price. Some of the reasons for the bearishness included the recent hike in the petrol prices in India and the evergreen 2G scam.

Nifty Futures Intraday Trading Report May 13, 2011

Friday the 13th.

The last trading day of the week ended on a profitable note. Initially I entered long at 5479. Target was undetermined at that stage and I waited to study the price action. Eventually, at about 5586, I squared off my long position.

Towards the closing periods, I shorted the contract at 5586. Karvy squared off this trade at about 15:15 for a value in between 5540 and 5545.

Afterthoughts: A day when anyone with average intelligence could have made money – at least on the long side. And yet another day to prove the point (this is especially relevant to day trading) – trend is never your friend all the time. You need to hone your trading skills in such a manner that you need to be aware of the changing trend. Today, I knew a lot of people who were recommending to keep on adding long position if the contract touched 5590 or 5580 levels (this was when the contract was trading in the 5600 – 5620 zone). Why did they do so? Because their fancy charting software suites were showing them to go long on every dip. There is a relationship in between the price of the contract and the time at which it is being traded. As time moves on, support points will become resistance points and the resistance points will become support points. This natural migration is something which no charting software suite or fancy indicator can reveal. Only those who study the price action and the relationship in between the numbers will be able to trade successfully on such days.

I am not trying to assert that I am the next genius day trader in the making. I am still learning a lot of newer concepts everyday. There are lots of other things to learn and that can take many years for me. Always remember – about 95% of the day traders lose money. Being one among the rest of the 5% – that should be our goal.

Nifty Futures Intraday Trading Report May 12, 2011

An interesting and easy day when someone could have made immense profits.

The day started off with a dull note. I went long at about 5544. Had no idea about the targets; but covered it at around 5566 when the market began to display signs of weakness. Once again, I shorted at this point (5566) and awaited for the market to fall. The second short trade got squared off in between 5470 and 5480.

As I always say – with foxes, me must play the fox. Knowing the reversal points beforehand helps in staying on the safer side and thus making huge profits. 🙂

Nifty Futures Intraday Trading Report May 11, 2011

Quite an interesting day which ended with a slight misfortune. The contract was totally range bound today and in other words, it was one of those days to make wholesome amounts. Initially I shorted at 5547; which I had covered back in between 5520 and 5530. I went long from this point to cover this trade back at the 5547 level.

Twice I could short at 5562 to square off at 5547. The third time I tried to do it – and it ended in failure. This last trade was done during 15:00 hrs and the frustrated traders (who got chopped during the entire day) began to push the contract to higher limits. Towards the closing periods, I wanted to short once again at 5576; but the contract did not touch this point the second time (I usually await additional confirmation before shorting / going long).

Haven’t yet started trading the EUR/USD pair – I plan to do so in the oncoming hours. Looking at the trading frame suggests that the pair is displaying exceptional weakness.

Nifty Futures Intraday Trading Report May 10, 2011

The day did not fare well. During the initial hours, I shorted at 5547 when I wanted to go long, (yes, call me dumb but I am still getting used to this interface). Was able to cover my losses by shorting at 5590 levels.

I am trying a new strategy – this had caused all the confusion. I was wondering which one to follow – should I stick with my old methods or the newly discovered one. BTW, the newly discovered strategy is aiding me immensely in the currency markets. Could make about 137 pips today while trading the EUR/USD pair. 🙂

Hope that tomorrow turns out to be a better day.

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