Today there were at least three bearish candle patterns that I could see. Nifty is on the way down. There could be some volatility due to expiry but the path forward is down.
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If we are going to suffer from mismanaged socio-economic management then we might as well reduce our pain by going short.
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I forgot to mark the bearish double tops which are inherent in Tweezer Tops.
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Additionally, the recent three day upswing failed to cross the 50% retracement of the fall from 15th May to 23rd May.
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Now might be a good time to short... gap touched in futures market
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Went long @10585... Seems to have gained some momentum... purely an intraday trade... my basic position is bearish
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Closed @ 10625... modest gain of 40 points but decent profit with multiple lots. I guess the markets are such that one has to be nimble and quick to grab profits.
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Shorted again @10649 May fut
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10649 short trade closed with very small loss. This morning shorted at opening... trade active
Little personal:*I confirmed myself that I can earn money only through nifty trading. I did perfect trading even in this extreme volatility and earned a few. I just wish that I shouldn't be tempted in stock specific trading. After loosing millions of rs in market on stock specific sentimental trading over many years I think Nifty trading with hedge is the best to trade for retailers. My success rate is more than 90% in recent past. I though believe that SBI, HDFC bank, TCS or even ICICI Bank, ITC, Maruti, Bajaj etc have potentials to move up irrespective of Byelection results OK Loksabha, for June series but trading in nifty is the best. My suggestion for tiny retailers engaged in trading to concentrate on nifty rather than stocks, . Today my determination was to earn at any cost rather than loosing millions through nonsense trading that I have done since 2006.And I succeeded. A safe nifty trade is the best trade with target of small earnings. However tomorrow appearing in person against DLF in Karnataka state commission I will loose the excitement of an extreme volatility in expiry day and all call options of Maruti, IOC or Hindalco will turn zero for May series though there are chances that those will gain for June expiry. Let them! Grapes are sour!! But the living grass is always green! Disclaimer : I have my positions for June in Nifty FNO And I can't be an investor.
fcsa
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@Pranabkolkatay, That's sensible and congratulations on your success rate. I have been tracking Maruti for some days and have posted an analysis just now. Take a look at it.
Pranabkolkatay
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@fcsa, I haven't hate looked at it but I assume your first target 8800,range.