iCharts Discussions

[mansukh]

Dear All,

I am starting a new thread for Nifty Futures Traders. I am successfully following Mr. Vinod Nadodav's trend following mechanical trading system for NIFTY futures, which i would like to share with you all. I will be posting daily two levels i.e. support & resistance for nifty futures along with my current position. These support & resistance are short term trend reversal points and not daily support & resistance levels though it has also worked very well in so many occasions. My daily posting will look like this -

NIFTY FUTURE For October 29 2007,

Current position : LONG (at 5479 on 25/10/2007)

Support : 5573
Resistance : 5728

Hold LONG positions with SL 5573. If trades below 5573, exit LONG & go SHORT with SL 5728

This means, we are currently LONG in Nifty. And if nifty trades below support i.e. if on Oct 29, Nifty futures trades below 5573 for 2-3 minutes, we will exit LONG & go SHORT with SL as resistance. in this case it is 5728. In case of SHORT positions, we will look for market to trade above resistance to exit SHORT & go LONG.

So we are simply continuously will be in trade at any point of time either LONG or SHORT. there is no need to book profit as it will be taken care by these level it self. We will capture major part of short term trend in both ways i.e. up as well as down.

Whenever market trades range bound, than we may have some series of small losses as trend following system will fail in range bound market. So i request you all initially just watch the levels before putting actual money into trade. I request you to simply paper trade and keep records in excel sheet for atleast two months & once you confident enough, you can trade.

Those who are new to futures trading, i think this will be the right place to learn trading futures in more disciplined way. every time you take any positions, you know what will be your exact loss if it goes against you so your emotions, fear etc will be removed.

This system is developed by Mr. Vinod Nadodav of Ahmedabad. Its is based on Supports and Resistance Levels calculated using various methods. Please go to last page for daily updates.

All Levels refer to Nifty Futures current series. This is a positional trading strategy.

Happy Trading

[mansukh]

NIFTY FUTURE For May 20 2008,

Current position : LONG (at 5032 on 14/05/2008)

Nifty Fut Closed at : 5152.30

Profit/Loss in current trade : +120.30 (as per last closing price)

Support : 5082
Resistance : 5161

Hold LONG position with SL 5082. If trades below 5082, exit LONG & go SHORT with SL 5161

Happy Trading.

Mansukh. M

[meetatex]

sir,
i am trading only nifty on my knowledge i m making good money in the system i follow this new system will help me a lot as my system based on macd and inside bar dont give any tgt thats bit trouble some time lets see how this sup res work best of luck to u and me also

[its_vishal_again]

thanks mansukh this initiative will be very helpful for newbies and can serve as confirmation for others....


all the best.

[saikat]

Mansukh,

Good initiative..
I will throw one MINI and observe the outcome.
I am born impatience to paper trade for 2 months and then start real trading..

Saikat

[jimmie]

hi mansukh,
this is nice stuff.. let me know what i should do with my longs if NF crosses 5161 tomm.. should i hold or book profits ?
thanks for teh initiative.
best luck
jimmy

[mansukh]

First of all, this is not for intraday trading. These levels are for positional trading. If you are LONG than you just have to look "support" and not resistance if support breaks just exit LONG and go SHORT with "resistance" as your stoploss and now you look only resistance not support as now you are SHORT. We place stoploss orders everyday after market opening. Place stoploss Sell order of double qty of my position so if today market trades below supports, my positions will change automatically. Usually place order 5 points above resistance or in case of sell i place 5 points below support, to confirm change of trend.

Some times stoploss are too far. It all depends on past movement of prices & volatality. But you can always exit at your own comfort level or even you can also keep your own stoploss to exit trade by keeping my level as reference one. You can also exit near resistance level if you are LONG. and even try to short near resistance level by keeping resistance level as stoploss and same way you can also enter LONG near support level by keeping support as stoploss so these trades are low risk /high reward kind of trades.

[hdobhal]

Mansukh good post

I think it will benefit many of us

thanks

[deepakshenoy]

read: http://www.traderji.com/futures/16351-nifty-futures-mechanical-trading.html

You can see historical performance of this system since Nov 2007.

[mansukh]

NIFTY FUTURE For May 21 2008,

Current position : SHORT (at 5082 on 20/05/2008)

Nifty Fut Closed at : 5099.55

Profit/Loss in current trade : -17.55 (as per last closing price)
Net Profit/Loss since thread started : +32.45 (50 - 17.55)

Support : 5058
Resistance : 5135

Hold SHORT position with SL 5135. If trades above 5135, exit SHORT & go LONG with SL 5058.

Happy Trading.

Mansukh. M.

[kiran.jain]

hey mansukh...... thnks 4 this.....

but can u do a favour...... i would like 2 know how do v get those support and resisitance level.....in this system??

regards
jain kiran

[mansukh]

[mansukh]

NIFTY FUTURE For May 22 2008,

Current position : LONG (at 5135 on 21/05/2008)

Nifty Fut Closed at : 5127.05

Profit/Loss in current trade : -7.95 (as per last closing price)
Net Profit/Loss since thread started : -28.5 (-20.55-7.95)

Support : 5095
Resistance : 5171

Hold LONG position with SL 5095. If trades below 5095, exit LONG & go SHORT with SL 5171.

Happy Trading.

Mansukh. M.

[meetatex]

we were short at 5082 and cover the short at 5135 and went long hence loss of 5135-5082=53points i suppose
than we went long at 5135 i thing this is the right way wat u say

[deepakshenoy]

Not sure I understand.
1) Long at 5032
2) closed at 5082, gain 50 points.
3) shorted at 5082
4) covered at 5135 loss 53 points.
5) Net loss 3 points adding 2) and 3) above.
6) Today's loss 7.95 points
7) SHould have total loss of 10.95.

Also if you place orders 5 points above or below, then the calc will be:

1) long 5032, closed 5077 (45 pts)
2) short at 5077 covered 5140 (-73 pts)
3) net of above -28 points
3) today -12.95 points.
4) net -40.95 points

both ways i am not reaching 28, is there a different funda?