Monday, August 29, 2011

Big Gains in Nifty-Now for the follow through

Today saw an almost perfect trade for Nifty traders. The best part of this trade was anticipation. On Sunday, in my previous post, I did anticipate a gap up and then an ORB trade. Both came giving a 90 point intra day gain in Nifty futures. After the first 15 minutes, traders should have gone long at 4845 approx, which was the high of the first 15 minutes. From then onwards, a trend day was evident, so hold on to your positions till closing bell at 3.28, when futures were around 4935, for a gain of 90 points.

Tomorrow, as they say, is another day. After a large range day, the subsequent days tend to be choppy. Wise action is to hold back and trade as little as possible. The ideal trade on such days is a breakout from a long consolidation in the five minute charts.

U.S. markets are doing quite well, with almost 2% gains. We could easily see follow through in our own markets tomorrow.

2 comments:

RS said...

Sir,

I guess u have special denial for my existence :) You never reply to my queries/comments. Has happened for the third/fourth time.

Neways...Respect as always

RS

RS said...

Today you said on ET you went long at 4845 however it was around 4865 when it was said on TV. Also you said you are short in intermediate account. Can you tell how to manage / what quantity should be traded for such 1-2 day moves and for short term?