Friday, September 23, 2011

Mid day musings

For the swing trader, there are signs of buying emerging in the Nifty.  As I write this at 1.42 PM, the signs are only tentative, but I have picked up Nifty and Bank Nifty calls based on the upturn in short term momentum. If the market closes weak, I may exit these positions today itself.

I maintained my short positions while the market moved up. In previous posts, I have explained that I keep these positions in a seperate settlement month so as to keep a dividing wall between swing trades and position trades.

I do not have any confusion on the trend - we are in a bear market. Yet, for short trm traders, there are opportunities on both sides, depending upon the environment.

In my early morning post, I had mentioned that today was likely to be choppy, therefore I did not consider any ORB trades.

Gold is now trading in a narrow range. I am tracking the end of day charts, waiting for a clear pattern. I will post my charts over the weekend.


sudhin said...

Please review RIL, as it has closed below 50 dma, also when should go long in general for a positional person.

rocky said...

sir can you explain how to identify choppy trend and when to use ORB TRADES

rocky said...

sir if you mention in the newsletter that what strategy you opted for day trading in nifty it will be benifical for some time you mentioned what was your planned strategy throughout the day

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