NIFTY : So , what a fantastic day . Nifty comeback in the 5630-5650 range and in style.
During the day , positive divergences and a kangaroo tail spotted in 30 min chart , made me to initiate a long trade for intraday and holaaaa we flew like rocket.
To start with my trade today : 5600CE @101 and sold at @124
22 percent Capital Appreciation.
I use the term 'capital appreciation' to mark that the capital blocked for this trade and in the end net new capital. You cant have that luxury if you are trading via futures.
Though Professionals treat trading via options as a bad idea , yet I am sure if you have developed the skill to control risks associated with options , no other form of trading instrument can reap such enormous returns.
I am doing good , you can as well.
My BULLISH views stays intact with very short term target 5850.
But lets recollect what my guruji quotes .."Market is Supreme"
The overconfidence kills here . Can take away your shirt in a single bad trade.
A highly successful trader in Wall Street lost his 20 years of profits in a single bad trade ,where he shorted in bulk without hedging and SL.
Importance of 5650 in Weekly Chart and a Friday tomorrow :
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Bulls say we should close above 5650 tomorrow to maintain weekly bullishness. If its evident in the later half tomorrow that we have high chances of closing above 5650 tomorrow, expect a zoom up by tomorrow itself.
May be 5700+
So identify the entry point and long it.
If you catch it , see you holidaying in Europe coming season.
But , what if its certain that we are closing below 5650 tomorrow ?
This might introduce a bearish start to the weekly charts.
I will advice , to cut all long positions if such is the case but definitely not short it.
And as I mention , it will be a just a bearish start , you cannot afford it to SHORT it , at such early indications.
My bet for November Expiry is NOT to SHORT , ENTRY at opportunities to GO LONG.
I repeat my first post of the blog...history repeats in the world of technical analysis. Like us, Nifty too celebrate diwali each year.
SS
During the day , positive divergences and a kangaroo tail spotted in 30 min chart , made me to initiate a long trade for intraday and holaaaa we flew like rocket.
To start with my trade today : 5600CE @101 and sold at @124
22 percent Capital Appreciation.
I use the term 'capital appreciation' to mark that the capital blocked for this trade and in the end net new capital. You cant have that luxury if you are trading via futures.
Though Professionals treat trading via options as a bad idea , yet I am sure if you have developed the skill to control risks associated with options , no other form of trading instrument can reap such enormous returns.
I am doing good , you can as well.
My BULLISH views stays intact with very short term target 5850.
But lets recollect what my guruji quotes .."Market is Supreme"
The overconfidence kills here . Can take away your shirt in a single bad trade.
A highly successful trader in Wall Street lost his 20 years of profits in a single bad trade ,where he shorted in bulk without hedging and SL.
Importance of 5650 in Weekly Chart and a Friday tomorrow :
.png)
Bulls say we should close above 5650 tomorrow to maintain weekly bullishness. If its evident in the later half tomorrow that we have high chances of closing above 5650 tomorrow, expect a zoom up by tomorrow itself.
May be 5700+
So identify the entry point and long it.
If you catch it , see you holidaying in Europe coming season.
But , what if its certain that we are closing below 5650 tomorrow ?
This might introduce a bearish start to the weekly charts.
I will advice , to cut all long positions if such is the case but definitely not short it.
And as I mention , it will be a just a bearish start , you cannot afford it to SHORT it , at such early indications.
My bet for November Expiry is NOT to SHORT , ENTRY at opportunities to GO LONG.
I repeat my first post of the blog...history repeats in the world of technical analysis. Like us, Nifty too celebrate diwali each year.
SS
for nifty trading strategies with detailed chart analysis
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