Nifty Opened with a gap down with a open drive setup and continued the selling confidence throughout the day. Finally Fridays session ended with a triple distribution. Short term trend turned to downtrend only the higher timeframes Monthly and Weekly are so far balancing. Interestingly Nifty is out of the short term balance on downside and trading very close to the 200MA on Daily timeframe.
On Wednesdays closing if you would have thought that this market has to go up and on Thursdays closing if you would have thought Nifty Futures have to go down, then welcome to the trading world. Probably you are not the only one thinking, probably thousands of other traders also thinking the same way.
Tuesdays trading is quite interesting. First 90 minutes of trading price started elongating higher with a fair odds of value forming higher and mid of the trading session we got inventory adjustment as the inventory gets long to too long. Last two days of momentum trading activity got halted with inventory adjustment.
Nifty Futures on Monday Trading session opened with a gap up. Post that price entered the previous day range and formed a open test drive day. Buyers confidence maintained throughout the day. Day turns out to be a normal various day as the price elongation happens in the second half of trading session. Point of control not migrated however price migrated for the day indicating more players are now chasing the price more we are dealing with momentum traders.
Tops down analysis indicating Monthly timeframe is balancing, Weekly timeframe is trending down and Daily timeframe is trending up. Kind of mixed timeframes which indicates that markets are in the phase of total uncertainty where most of the players opinion are not aligned in the same direction. Every timeframe has their own opinion about markets at current juncture.
Learn the widely practiced trading methodology among traders and practical difficulties in trading it & how to stay away from them. Learn to differentiate yourself from rest of the trading crowd.
In this social media Era becoming an Independent thinker is lot difficult as we are often bombarded with continuous flow of opinions,information,rumors from the facebook groups, Whatsapp/telegram chat groups, twitter, financial news portals, TV channels, Youtube channels, E mail newsletters. Everything talks about what the consensus is doing. Some are contrarians, some are trend followers. Often traders ended up with the biased opinions from their fellow community traders/Investors.
Trading requires process complex information into simple ideas. Thursdays trading started with price opening within the range initial high confidence was higher however it got fades sooner and starts getting into balancing mode. Interestingly markets took support exactly at the tuesdays low (prev day low) and started one timeframing during mid of the day.
Inventory is getting short to too short again. Holding shorts could be risky here as the wednesday trading session showed a volatility decline despite a huge drop. Possible signs of short term trend reversal. Nifty is trading very close to the 200 moving average level. In such a situation when short covering happens one have to run for cover especially when inventory conditions are getting short to too short.
Nifty futures on Tuesday session extended its losses in the second half of trading. Though the market opened gap up, soon the early morning buyers confidence faded within the first hour of trading. First half of the trading was more of a choppy trading session followed by a late sell off with spike formation.
This course will give you an indepth view on deep technical usage of Amibroker software, handle it effectively on day to day usage (Scanners, Exploration, Trading System, Custom Indicators, Automating a Trading System, Requirements) and the critical components needed for your own algo trading system. This will give thought on pieces that will make you successful as indie automated trader to control your own destiny.
Onetimeframing against Initial Balance is one of my favorite intraday trading strategy with a fairly decent win rate(60-70%). Concept is adopted from market profile to trade against majority of the weak intraday players. Initial Balance is nothing but the first 1 hour high and low range. Whenever price started one timeframing against the Initial Balance direction it shows the presence and confidence of day timeframe players.