DEVELOP A METHODOLOGY AND STICK WITH IT.DON’T CHANGE
METHODOLOGIES FROM DAY TO DAY.
I require my students to actually write down the specific market prerequisites (setups) that must take place in order for them to make a trade. I dont necessarily care what the methodology is, but I do want them to make sure that they have a set of rules, market setups or price action that must appear in order for them to take the trade. You must have a game plan. If you have a proven methodology but it doesnt seem to be working . in a given trading session, dont go home that night and try to devise another one. If your methodology works more than one-half of the trading sessions, then stick with it.
(Updated on 22-05-2012 Time 08.50 AM)
In our earlier post we indicated the 4765 was one of level that might reverse the trend.
Market dipped to and bounced off that level.
We also told that markets were in extreme oversold levels
and shorting is not advisable at that much lower levels.
Now for Today………….
NF seems to open with positive note.
Trading above 4827-4834 for 15 minutes or more will take it to 4865-4892.
In lower direction 4800-4777 are intraday support zone.
In panic selloff 4765-4752 may not be ruled out.