When markets are in a trading range, momentum takes over, and it is possible to trade using cycles in momentum indicators. The current scenario represents some kind of a range.
Apply your favorite momentum indicator and identify the crest (top) and troughs(bottom) in the indicator. You will see the indicator moving in well defined cycles. When it turns from below, go long. The stop should be the indicator itself.
When the indicator turns down, that is your signal to exit with a loss or profit. The reverse is true when th indicator touches the upper limits. GO short, using the indicator as the exit.
I am giving the 60 minute chart for IDFC. The indicator is doing what I pointed out earlier.
Thank you, friends.
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Sir, I'm R P Kulkarni from Mumbai working in Air India as Aircraft Engineer age 41. I am trading in stock market (F&O - nifty) last 2 years. I'm not a professional trader.
Sir to me you are among the very few TAs in India who are honest as well as quite intelligent in their job. This is a rare combination. Thank you very much for serving the people & keep up the good work. I never heard a single wrong or suspicious call from you. I wonder how you do it?
Sir I'm your fan & will always follow you.