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(Updated on 01-06-2012 Time 09.05 AM)
Above 704 favors Bulls.
Sustained Above 704 with higher volumes may elevate
up to 714-719-724.
700-696 are intraday support.
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DON’T HOPE AND PRAY. IF YOU DO, YOU WILL LOSE.
When I was a new and undisciplined. Trader, I can’t tell you how many times that I prayed to the Bond god. My prayers were a plea to help me out of a less-than-pleasant trade position. I would pray for some sort of divine intervention that, by the way, never materialized. I soon realized that praying to the Bond god or any other futures god was a wasted exercise. Just get out!
(Updated on 01-06-2012 Time 8.50 AM)
As written yesterday below 4920 market remained under pressure.
sustained trading Below 4885 will drag NF down up to 4844-4826
4932-4949 are strong hurdle in intraday.
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THE FIRST LOSS IS THE BEST LOSS
Once you come to the realization that your trade is no good it’s best to exit immediately. It’s never a loser until you get out and Not to worry, it’ll come back are often said tongue in cheek, by traders in the pit. Once the phrase is stated, it is an affirmation that the trader realizes that the trade is no good, it is not coming back and it is time to exit.
(Updated on 31-05-2012 Time 8.50 AM)
Given the foreign markets, Nifty Future likely to open down
by about 40-45 points.
Trading below 4920 will drive it even lower up to 4902-4892.
Sustained Trading below 4885 will cause panic free fall up to 4844-4826.
Hurdle at 4974-4985 area intraday upper levels.
Bearish view below 4920.
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GET OUT OF YOUR LOSERS
You are not a loser because you have a losing trade on. You are, however, a loser if you do not get out of the losing trade once you recognize that the trade is no good. It’s amazing to me how accurate your gut is as a market indicator. If, in your gut, you have the idea that the trade is no good then it’s probably no good. Time to exit. Every trader has losing trades throughout the session. A typical trade day for me consists of 33 percent losing trades, 33 percent scratches and 33 percent winners. I exit my losers very quickly. They don’t cost me much. So, although I have either lost or scratched over two-thirds of my trades for the day, I still go home a winner
(Updated on 30-05-2012 Time 8.50 AM)
As we mentioned yesterday NF formed high at 5011 and fall.
We also indicated that failure to sustain above 5001-5009
might move it down. It tried two times in last session to
take this high but couldn’t.
Now for Today…
Likely to open with negative note.
Trading below 4966 will drift down it to 4950-4938-4920
Sustained trading below 4920 may see panic upto 4884
Trading above 4995 for 15 minutes with sizable volumes
no worry for bulls and see 5009-5028-5036 area which seems
quite strong barrier to sustain in intraday.
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EARN THE RIGHT TO TRADE BIGGER
Too many new traders think that because they have $25,000 equity in their trading account that they somehow have the
right to trade five or ten e-Mini S&P contracts. This cannot be further from the truth. If you cant trade a one lot successfully, what makes you think that you have the right to trade a 10 lot? I demand that my students show me a trading profit over the course of ten consecutive trading days trading a . one lot only. When they have achieved a profitable ten-day period, in my eyes, they have earned the right to trade a two lot for the next ten trading . sessions. Remember: if you are trading poorly with two lots you must lower your trade size down to a one lot.
(Updated on 29-05-2012 Time 8.33 AM)
Yesterday’s session saw steady but nice gain.
As we had written yesterday trading above 4931-4938
drove NF went up to 4988.
Short term trend likely to remain intact and move up to 5019-5034-5049
if trades above 5001-5009.
4970-4955 support area. Trading below 4955 with volumes for 15-20 minutes
will drag NF to 49022-4907 levels.
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LT (Larsen & Toubro)
Updated on 28-05-2012 Time : 7.40 pm
Buy LT above at 1195-1200 with stop loss 1188-1184
for Target at 1232-1248
Time frame : 3-5 Days
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