Nifty November futures post emotional buyers dominance took a 100 pointer on the downside. Trading sentiment turned down on the daily charts with immediate quick flip resistance comes around 10663-10674 band. Trading Focus remains down as long as the price is able to hold down below the immediate resistance band. Short term focus on the downside is towards the 10640 and 10580 reference levels.
Algostudio is a simple and clean user interface which is built on top of Upstox REST API with a large feature set, helping you to automate your quantitative trading who is looking to streamline their processes through automation and effective management of their day-to-day trading activities. Algostudio converts amibroker trading signals to automated orders. It is a single interface where provisions are made to execute and monitor your trade positions at one single place.
Daily Sentiment continues to be in a positive mode for last three trading session. Quick Flip immediate support comes around 10750-1760 band. Current uptrend is almost 1290 minutes old and interestingly Mondays session is dominated by emotional buyers and call writers are being active around 10800 levels which puts a cap on Nifty spot with EOD resistance around 10800 levels.
Nifty Futures quick flip holding its buy mode since last two trading sessions current supports are coming around thin band of 10671 – 10678 levels. Short term sentiments are expected to change only if Nifty breaking and sustaining below the thin band of support levels. Near term resistance is expected around 10800 levels in Nifty Spot. Aggressive call writing is seen from the market participants in the last week.
In the last online webinar we learn about the basics of Tradingview Pinescript Programming and in the next webinar we will be learning some of the most used functions in pinescript and the classical technical indicator functions and how you can use those functions to build your own custom indicators and strategies.
Tradingview is one of the top 500 websites in the world powered with Interactive charts for various financial markets(stocks, futures, indices, cryptos, commodities). Undoubtedly, it is a first innovative charting product with access to historical and live intraday/EOD charts where one can build their own custom indicators/strategies on top of it. TradingView community, as of today, consists of over 3 million monthly active users. To contribute something meaningful to the community we will be doing a live webinar on how to use tradingview pinescript language and how to build your own indicators, strategies or Trading Alerts.
Here is the interesting market profile tutorial on how stealth auctions happen in the market and how intraday traders get trapped by completely trading against the trend for the day. In this example, we look into how stealth short covering happens.
WTIC Crude in the International market had lost more than 24% in the last two months due to too many negative factors. WTIC crude oil dips below $55 to its lowest level in a year, extending a record losing streak. Sentiment went really extreme negative when US President Donald Trump tweeted “Hopefully, Saudi Arabia and OPEC will not be cutting oil production. Oil prices should be much lower based on supply!”
MCX Natural Gas November futures soared to 19% after the US weather forecasts called for an increasingly cold winter in December which raises concerns that fuel supplies may not be adequate to meet seasonal demand. Natural gas is soaring, during the month of Nov 2018 alone Natural Gas futures up by a whopping 43%.
Nifty is still trading in a 10500 – 10640 consolidation range where quick flip strategy turned to sell mode around 10587 and it continues to be in the sell mode with immediate resistance coming around 10510 – 10523 band in a very short term. Momentum selling stays as long as price stays below 10510-10523 band stays. The Next destination target is to look 10350 levels.
Here is a live daily market commentary from our ongoing live event TradeZilla 2.0 – Market Profile and Orderflow live mentorship program. It is an in-depth objective program for active traders with live training with the deep thought process when comes to market understanding.
Monitoring Market confidence is a day to day routine practice for intraday and short-term players to determine how confident the participation are. This video tutorial explains how to spot market confidence using market profile, how strong/weak participation can be spotted using visual rules in an objective manner. And how to apply these visual rules for any asset class (stocks, futures, indices, bonds, cryptos ) for short-term trading. It also explains how to combine Market Confidence with Trading Inventory, Short term/Intraday nuances which further adds odd based thinking when comes to trading.