Tuesday, May 8, 2012

08052012

Nifty opened just below PDH and drifted down and made an initial range. I was not confident to go long when a HL was made as it was CT.. I was expecting a down move either from HOD, IRH or PDH/PDC. BOF of IRH gave a short signal.. BOF of IRL gave a CT long signal which failed. BPB of IRL gave another short which moved well.
IR (Initial Range) is a variation of Opening Range concept. Will make a separate post soon.

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4 comments:

  1. oru_indianMay 8, 2012 at 9:03 PM

    Dear ST,

    Which chart will show the decision points better for Nifty - NF or NS ?
    Also do u think this method works better in non trending market ?

    rgds~Ajith

    ReplyDelete
  2. SMART TraderMay 8, 2012 at 9:34 PM

    Oru_ Indian

    I trade NF and watch NF chart only.
    These methods will work in any markets.Follow this if you are really interested
    http://niftynirvana.blogspot.in/2012/02/how-to-learn-day-trading.html

    ST

    ReplyDelete
  3. AnanthMay 9, 2012 at 10:13 AM

    If you tweet your thoughts during market hours it would make it easy for those who wish to follow your methodology to catch on to the thinking process behind it.

    Just a suggestion !

    Thanks and regards

    @ananth1960

    ReplyDelete
  4. SMART TraderMay 9, 2012 at 7:32 PM

    Ananth

    Good suggestion.
    ST

    ReplyDelete

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