Nifty should have corrected few days back. But it appears that Market Makers may not allow Nifty correction.
Renko charts (ATR 14 based) in Daily, 1hr, 30mion and 15min are solidly in the green. This could indicate an approx 80% chance that the market may continue to rise a bit tomorrow. Best not to trade in the index till after expiry.
Trade active
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Shorted @10606 (futures price) for a strictly intraday trade.
Trade closed: target reached
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Closed @10570
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Scalping strategy... small price movements with many lots
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Most technical indicators suggest a correction. But Daily and 4 hr Renko (ATR 14) are still green. Best to short after expiry.
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New uptrend Renko brick starting on Daily chart.
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So the renko analysis yesterday was accurate. Nifty has gone above yesterday's high.
@fcsa, I feel the market will break down due to expiry and bond yield
fcsa
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@vishyrana, I agree Nifty correction is overdue. But there are some big operators supporting it as the renko charts indicated yesterday. It will certainly fall this expiry but no amount of technical analysis can predict when. I am short but with a big stop loss margin waiting for the fall.
fcsa
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@vishyrana, Yesterday the general sentiment in retail trade was that Nifty would fall today. In fact it has acieved a higher high than yesterday. Careful renko analysis helps to read what the big players are likely to do.
vishyrana
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@fcsa, buddy, I am broken and shattered. I have nvr been so patient, and been trying all analysis, patterns etc...and I was short in Apr Futures. I patiently waited till the last day thinking, at least it will come as per analysis. Unfortunately I had to end up in big...massive loss today after my 2nd loss few days back. I still continued to take short position in May contract. What abt u?
fcsa
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@vishyrana, I've kept it largely intraday. But yes I too have been shorting for the past few days - but with very tight stop losses so very small profit but at least no loss. I can understand what you are going through. My story too at one point but now I have improved my success rate. Towards the end of trading I have gone short on May contract and will wait and see. And yes Cheer up.
@vishyrana, wht's happening? it is now reaching RSI 70
fcsa
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@vishyrana, In the Daily futures charts (I work with Amibroker) 10717 is the 61.8% retracement of the fall from 29th Jan to 23 March. Also 10702 was my probability level on weekly basis - the high today was 10744. As I said for the past few days I am only trading intraday. In fact I went long today. Tried shorting yesterday but it failed and I closed. It has to correct but I will not trade in Nifty now till the Daily/4hr chart Renko shows one or two down bricks. (All prices are futures prices of the relevant near month)
RSI above 70 is no big deal. In the rise from 12th Jan to 30th Jan RSI was at or above 70 for 21 days!