Nifty opened around yesterdays level and failed to go up.. FTC at PDH and DT area was a short signal. TP at PDL.. Market gave a long CT trade at PDL. One could have made a small profit only because of the location strength.Very difficult to take a short at the third trade location because everybody will anticipate a range between PDL and PDH. Those who have taken this signal minted money. Now have a look at the NIFTY spot chart below
Some fast and furious moves originates from Big Round Numbers of spot Nifty
Ummm... no, this is like bringing another variable and is like looking at 2-3 time frames which only adds confusion.
ReplyDeleteI think it is better to stick to one time frame, one instrument.
No spot chart!
SS
ReplyDeleteI do not look at spot charts while trading. But I have noticed that some fast and furious moves originates from BRN of spot nifty, especially near expiry.It is a reality.I posted the spot chart to show this.
When NF stalls at some insignificant levels I will have a look at the spot levels on my trading terminal and if it is around a spot BRN , it will give me more confidence to initiate a trade.
ST
Very nice blog and one can feel the day trading experience well enough; came here through the link of Prof SS blog. Thanks.
ReplyDeleteRegards
Vinod
Thanks Vinod
ReplyDeletePlease do visit and write your comments
ST
SS
ReplyDeleteMy last line created confusion. Corrected it.
ST
Yes, point taken on BRN -
ReplyDeleteThanks,