vanathi

Trader's Queries - Day Trading Part -2

NSE:BANKNIFTY   NIFTY BANK
322 17 18
Intraday needs lot of home work. From the previous day's data we have to derive the support, resistance level and trade accordingly. I always trade on familiar stocks, so that I know very well about the micro movement of the stock. For example if I follow 10 stocks for intraday, at the end of the day I check all 10 stocks and filter which are suitable for next day's trade. Then I plan the target, entry and exit.
When the market opens I scan the stocks I filtered for that day's trade and once again choose 2 or 3 stocks. And then I enter trade. I wont feel bad when the stocks I didnt choose that day give good movement. To plan for day trade and executing is my responsibilty as a trader and the outcome is not in my control and I remember it always.
Sometimes good trading set up form during the trading hours. We can identify it by observing the price action carefully. That time we have to plan entry,exit and target in few minutes and execute the trade. We cant watch all nifty             50 stocks and we cant trade in all nifty             50 stocks at same time.
Nifty is still bearish will go down 5-15 points then will change plans so have patience who wants to be bullish
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chughh chughh
@chughh, sorry ignore this as its for Nifty 50 not for bank nifty
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@chughh, Sure.
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Agree !!!
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vanathi TOP ProfitHoga
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Nice writeup.

Can you explain the basis of your stock selection
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@Jay03, I am not an expert in stock selection. Will think and write about it.
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bank nifty expected to test 21100 this week, before a big climb
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vanathi TOP vasaever
@vasaever, Ok.
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what u look for scan for day trading
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vanathi TOP DipJaiswara
@DipJaiswara, Volume, movement and quality stocks.
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@vanathi,thums up , n i like to trade pattern in shorter time frm in day trading ....
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vanathi TOP DipJaiswara
@DipJaiswara, Planning using support resistance helps us to decide entry, target and stoploss when we see the pattern forming during the trading session.
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@vanathi, prfct
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@vanathi, n i also use divergences for better entry
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vanathi TOP DipJaiswara
@DipJaiswara, Great.
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Today 10th-April-banknifty guidance any?
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