iCharts Discussions

[amitagg]

jittery players who acted based on what i wrote and unable to participate can get out NOW...at 5850...most trades at least 50-605 were at this level.

[amitagg]

605 meant 60%

[amitagg]

NOW meant - NF 5865

[amitagg]

booked 200 of yesterdays shorts at 5950 at 5835 today

[vinay28]

[amitagg]

15% approx....averaging 5820 thereabouts for all..first 200 at 5685 [9th] - then 10th [averaged 5840 THAT DAY] for all around ....then 200 at 5897 then 200 at 5950 yesterday....

[vinay28]

[amitagg]

shorted 100 at 5897 [and to cover at 5835 if it comes].
markets would find difficult to scale up now beyond 5920.....before the event and likely one more fall below 5800-5750.. after that to see.

[anilraj]

I am holding short ITC Sep Fut at 332.20, Friday lowest level. Any chance of success ? Will 340 resistance hold. I request for kind expert view.

[amitagg]

No exit if a short term trader. Market may break above 5900 for short term based on developments...and fall from higher levels (5970-6030)....

ITC has resistance at 346-348 and it may again test higher....

It is reliancen ITC etc which would be used to keep index high for next days to few weeks....dontthink ITCs long term reaction has ended and break of 310 later would be excellant short for positioning...till then cannot say with certainty direction.

[anilraj]

[quote="amitagg"]No exit if a short term trader.

Thanks, Amit Sir. Again Thanks for such quick response. But I am short term and mostly intraday trader. The position was taken for intraday on Friday at 14:25. At close it was possible to close at 332.75. But I did carried. I hope to square it on Monday.

As per my little understanding Last three day Nifty candle show weak Kangaroo pattern. Monday market may decline. Monday FOMC USA meet and later RBI meet on 20th. till these events are out there will be two way movement and at least till FOMC outcome there may not be large movement in the market. However ITC is standing at 330 support.

[amitagg]

these are only possibilities.....whether range bound or otherwise not certain........let price action dictate our strategy...

logic would suggest that shorts [including recent shorts at 5800-5900] would be trampled by Nifty moving to 6000-6050 and "late" longs [above 5800 odd dma holding and monday break above 5900 would mean many would go long...would be trapped too...]

when both longs and shorts are trapped, thats when markets reverse....

also...if range market is there, nifty would have not to cross 5930-5950 on monday....then it shall fall to 5825 till 18th -20th....

often when a sharp upside or downside is there, NORMAL traders and poeple often confuse break of high as buy when it is not [for me break of 5950 would not be a buy and neither a sell] and break of low as sell [as happened near 5250-5300 levels few weeks back].....

patience shall be rewarded and traders who TIME their entry shall be rewarded [ for intra day its okay to trade based on intra day signals].....my timing is also not perfect but i shall try to catch the "highs" [and the bid swing down that shall follow] lets see if that happens.

[amitagg]

I believe based on reading various posts in various threads that many TA traders etc are BEARISH [as do me] and posting 5550-5700 as targets.....

guess therefore that there may be ONE more upside bout that can come which would squeeze both the shorts [and then the longs]............

NIFTY 5910-5970/80 [spot] are now critical resistance and EVEN break of them may lead to falls over the next 2-3 months.....so trade can be either on break of 5840 [short trade] OR [break of 5910 after 5970-6020 again short side...5910 can be revisited once upside is known..5970 or 6020 or 6193 etc]

Long trades can be best avoided on NIFTY......for retail etc. who are unable to keep track and reverse their trades seeing price action.

[amitagg]

yo yo....exactly what i said....both longs and shorts trapped...i waited....but now i need to be careful since if it rises now beyong 5910 closing.,...i would have to close my positions......so SL moved down from 6050 to 5910-5930.........

someone pls guide me how to manage my trade....since i can put a stop at 5850 for my 50% or more longs at 5850 so that no loss on those...i shall take a 50 point risk and use 5910 as stop though.

see if if difficuly to catch tops but we MAY MAY be doing that......let see till end IF PROFIT (IF ANY) IS BOOKED CORRECTLY...i often go wrong in that...

[Pats]