Free Stock, Commodity, Forex Trading Tips & Education Articles

Banknifty Spot Update for Jul 23, 2012

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Banknifty Spot

Updated on 23-07-2012 at 08.40 am

We indicated several times that Banknifty would

start correction below 10525.

Below 10525 bears will continue pushing it lower

at 10443-10383.

More panic below 10425 may drive it to 10305.

10520-10540 is strong hurdle zone.

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Nifty Future 23-07-2012

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 THOUGHT FOR TODAY

Open Mind
The mind is like a parachute – it works best when it is open. How quickly we make assumptions, jump to conclusions and close our mind. How easily we form and hold fast to our opinions and then close our mind. How fast do we make a judgement, slap on a label and then close our mind. A closed mind never knows the delight of playing with possibilities, being enlightened by others point of view or enjoying the diversity of human life. An open and understanding mind never assumes, doesn’t jump to conclusions and won’t hold fast to any opinion. Perhaps it is no wonder a closed mind is not a very relaxed mind.

What about Nifty Futures Today?

You can see easy fall upto 5170 and also 5158

Suppose to close OR break it and then… fall will be continue to 5111-5089

You can face 5229-5241 as resistance…!

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  • Hanging man has managed to stop bulls.
  • Spot Nifty 5267-5300 remains unfilled.
  • 5156-5176 “maximum pain area” for intraday
  • Friday chart of Dow Jones has also showed for down trend.
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Dow Jones Chart Updated for 22-7-2012 (Weekly View)

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Dow Jones trading at resistance of flag pattern but last trading secession was clearly sign of sell on Friday which was long bearish candle. You can see easily 12731.

Suppose to close it above this resistance, then market will be fire!

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Ten Ways to Simplify Your Trading: Moneymunch

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Any intelligent fool can make things bigger, more complex, and more violent. It takes a touch of genius — and a lot of courage — to move in the opposite direction.”

-Albert Einstein
“One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity. Simplicity is the key to brilliance.” –Bruce Lee

moneymunch

One thing that I hear from readers and reviewers of my early Darvas book is that they think it is too simple. They desire more complexity, it can not be that simple to build six figure accounts. Well, all I can say is, “Yes, it is.” I have now averaged approximately 18% a year for a decade in my active trading and investing accounts. This year has been an absurd 62.5% return with my new over laying of options on my trend trading system. So I am not discussing theory I am speaking from personal experience. Trading price action does not have to be overly complicated to be successful.
 
I do not need multiple monitors, complex software, or to actively sit in front of the computer all day. I do need to observe capital flow from chart analysis and take my stops. I do have to let my winners run as far as they will go using trailing stops and cut losses when they are triggered. At the end of the day trading is about being on the right side of capital flow. It is about using charts to buy at key times when the odds are in your favor. Trading is about learning trading methods that make money over the long term then having the discipline and faith to follow those methods. So much of  what traders waste their time on with so-called knowledge from others is little more than the noise of opinions from people without proven trading performance.
 
If you want to make money in trading go toward making it more simple not more complicated.
 
  1. Keep your trading clean, keep what makes you money discard what does not.
  2. Pick a trading style that fits your personality, focus on it and master it.
  3. Focus your time on social media to following only people that teach you how to become a better a trader, ignore the ones that do not add value to your trading.
  4. Keep down the noise of others opinions, turn up your focus on price action that is revealed on the charts.
  5. Do more of what makes you money, less of what loses you money.
  6. Focus your market studies on your trading style not a different method.
  7. Decrease the number of indicators that you use to only the most relevant. Price is the ultimate indicator.
  8. Quit chasing the Holy Grail of trading, there isn’t one, trading is something you just have to work for. Focus making yourself a great trader and the money will follow.
  9. Write a simple trading plan that anyone can understand with your own rules for a Trading Method, Risk Management, and Psychology.  Ten for each is plenty.
  10. Focus like a laser on following your own plan, ignore distractions that take you off your own game.

MoneyMunch

Crude oil – All targets done plus Chana, CPO, Copper and Soybean

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MCX Crude oil, Chana, CPO, Copper, and Soybean

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Yesterday MCX Crude oil made high 4973. On 17th July 9:30AM we said buy crude oil without worry. Click here to see our 17th July newsletter. When MCX Crude oil was run 4822 that time I said 3 targets of crude oil: 4895-4947-4990+. I written 4990+ means Crude oil will move upside more… Anyway, in between 3 days crude oil kissed all targets one by one (Profit point 168+). Enjoy everyone!
ncdex chana charddel
I had written about Chana on 3rd July 2012? If you don’t remember than click here and remind it again because I said, “Chana future I’m looking very bright! Small traders for good opportunity.”
You know what I said? Just buy and forget!

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Share tips updated on 20.07.12 at 09.00 am

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Mphasis

Buy in dips above 387

expect 396.8

More fire above 397 upto 404

Shri Ram Transport fin

Sell below 550

Breakout below 544 expect slide

upto 538-535-533

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