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Markets are naturally designed to be rough & tough. However, not designed for linear logical thinking. Todays Trading session in Nifty and Bank Nifty Futures is clear example for how complex information we are dealing with.
When you are watching a pattern develop on a chart, how can you be sure that your Elliott wave count is correct? Elliott Wave International’s Senior Analyst Jeffrey Kennedy spent years designing his own technique to improve his accuracy. He came up with the Kennedy Channeling Technique, which he uses to confirm his wave counts.
Nifty Futures on the daily timframe manage to hold with positive sentiment for the last 4 trading sessions with EOD support coming around 10258 levels. Interestingly Nifty Futures is trading around the higher timeframe reference level 50 day MA – 10244. Dec 2017 is completely filled with events hence there is no much of sticky long term money involved so far. On Day to Day basis this December series, makret participants are dealing with more of shorter term buyers and short term sellers in Index derivatives.
Mondays trading session Bank nifty opened with global optimism and the day is seen driven mostly by intraday and short term buyers in the counter. Serious long term money is missing in the counter and lack of enthusiasm prevailed post the gap up in Bank Nifty Futures and also underperformed the broader index Nifty 50 thereby formation of a dull boring rotational trading rest of the day.
Last week trading session ,Bank Nifty futures attracted lot many short term sellers came to compete in the market. Trading behavior was in such a way that most of the traders we dealt with them are mechanical/emotional/price based short term sellers. Especially the emotional sellers shown post the RBI policy announcement are possibly the price based sellers initiated trades based on price breaking down below the previous week low or price testing 50 day moving average on the daily timeframe.
Bitcoin is showing a significant sign of weakness from the price action point of view as it does a open rejection from thursdays top. On Fridays session price opened gap up and done a magical high of 16666.66 (Bitstamp Exchange) however rejected and got back into thursdays trading range with a strong rejection. Trading sentiment is maintaining negative for the last two trading session. Medium term Bitcoin Trend Exhaustion is clearly visible.
Bank Nifty Futures consecutively making lower lows for the last 5 trading session on the daily charts. Price breaks the previous week low and in the last 1 hour of the trading session manage to close above friday low (Previous Week Low as well). Trading Sentiment continues to be negative as long as price holds below 25242 levels. Mondays price attempt closed the 1st Nov Gap.
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You know that Market Profile is one of the best tool to organize market generated information and help in spotting intraday and positional trading oppurtunities. At Marketcalls we use Market Profile extensively to spot discretionary trade setups(Day trading/Positional). If you want to learn Market Profile one step better then this introductory course is for you.
Yet another 3 day balancing and slowly moving unproductive days for a positional trader in Nifty futures as it trades in 10360-10420 range for the last 3 trading sessions. Interestingly stops again got built around 10420 post todays panic intraday drop towards 10360 levels.
Identifying Smart money flow is the key essential skill for every professional trader. There are many online tutorials and indicators which explains how to spot smart money flow. But how one can identify using a simple volume and open interest technique to look for a context behind smart money flow?
Last three days of markets would have drained the productivity of any positional trader in Nifty Futures as the markets rolls in a tight compressed fashion in a narrow 80 point range. Price finds resistance around 10390-10400 levels where most of the short term players are prone to keep their stop levels. Thursdays trading session shows a mid-day emotional sell-off followed by sharp recovery and closed flat for the trading session.