Nifty Futures 5 min Chart:
Nifty opened flat today with a small Gap of -5 Points, It started drifting down Initially. It took support form
yesterday's support levels of 4450 levels and moved up to close the gap. It formed a shooting star in that candle, which was first sign of bearishness. Also it formed a decent Diamond pattern from Yesterday as marked in the above chart. But It didn't give proper breakdown for this pattern. As there are 2 signs of bearishness I have entered short with strict stoploss.
With out reaching the target of the Diamond Pattern Nifty formed an ABCD pattern, giving a good indication of the trend reversal at the strong support zone, allowing reversing to long trades at almost low point of the day, which was a very good trade. Over all a very good day with 50 points profit on each lot combining both trades.
3 comments:
Doji,
That was a great call given by you live. I think this is how a trader should trade, keeping their targets and emotions aside and trade purely by technicals. You are truly one of the smartest traders! I wish you could post live like this every day :)
RAM
Hi Ram,
Thanks for the nice words and nice to hear from you after long time.
I dont want to just post only the levels, my idea of this blog is to get the discussions of technicals so the readers can learn if there is a thing or two worth in it :) Posting charts and writing is very difficult during the market hours, hope you understand. But, I am still posting some intraday calls almost every day if you notice.
Doji
> nice to hear from you after long time
You make me feel privileged :-) I'm always there on the blog, just not commenting these days.
I totally understand about your blog principle, no worries.
RAM
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