The morning open of 4955 against a close below it, shows the conviction of bulls once again to hold the level.
Confirmation of this will be a trade above 4967.
The opportunities to look for shorts may come further up at 5004-5017 levels or below yesterday's lows.
We have seen the ability of the seller to hold once again the 5065 levels. Till that is overcome the seller has the control over the short term trend.
Trade accordingly.
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9.38
Trade Alert : bank Nifty
Cost : 9005
Sl : 8965
Target : 9086
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10.10
Scratch out of bank Nifty trade here at 9000.
We will re-enter later.
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10.49
It's a tough call at these levels to be short.Though the trend is with you, the risk reward does not favor a lot.
I see a stop at 4978 NF levels and at 5004NF +/-.
On the downside 4923 and 4882 can be your targets.
So it is equidistant and can swing either sides.
At the moment buyers have shown their hand and are willing to move the market up.
--------------------------------
10.53
My methodology of trading revolves around bringing risk-reward in my favor.More reward than risk.
You have to be patient and let the market give you the opportunities.Don't try to trade everyday, just becuase the market is open. Look for good set-ups and swing for the boundaries when you see one !
The markets are always there ! The people in the market change!
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12.25
Trade Alert : Nifty Fut
Cost : above 4975
Sl : 4960
Target : 4998
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12.38
Stop at 4960 taken. make an exit.
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12.41
range extensions on both sides have failed so far.
Markets trying to establish value here.Let's see how the tussle resolves.
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13.58
Here is a consolidated volume profile chart of the past few trading sessions.
I had mentioned in a previous post yesterday, that the market may try to renegotiate value around the 4954 levels.
This is what is happening today as can be seen in the thickening profile in the lower part of the chart.
What are the inferences we can draw from this chart ?
Well it depends on how buyers and sellers agree on value here.
If the buyer thinks that the prices are undervalued here, he will quickly take it to 5023 levels.
On the other hand the seller will have a role to play below 4923 levels.
As an astute market profiler, you have to feel your way around these zones and let the market decide the plan of action.Your ability to recognise the developing profile will result in profitable trades for you.
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Posts
56 comments:
good morning Shai, just for confirmation, you refer to future price always and specifically write NS or spot in case you refer to spot!
gud morning..shai..:-)
GM Pis report.
All prices are NF. Spot will be mentioned as spot.
9.38
Trade Alert : bank Nifty
Cost : 9005
Sl : 8965
Target : 9086
Shai,
In the last 3 days in FnO the turnover has been much less compared to last 10 days of the May series.
FnO turnover for June series so far-
Friday: 68591
Monday: 62506
Tuesday: 81961
Whereas average daily turnover was 1 Lakh Crore. And for last 10 days it was higher than that.
In such case should one look for a MP of multiple days to get a POC for the total range of 3 or 5-days?
Shai..hi
but same question what girish has asked also haunts me..
TF trading with Mp needs discipile
Good Morning Shai & blogmates.
hi
Gm Shai,I am holding shorts create Yesterday after breaking of 4955 now yt should I do ?
After 10 atempts I am able to post my coment
ohhhhhhhhhhh tired off
GM All.
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Girish/ Manu,
MP works very well with highly liquid stocks or indices.Some people do intraday and use MP with prev day volume only, others look at the whole picture.
Important point to be noted in MP is where the buyers and sellers agreed on value.The relative volumes of either party are taken into account here, hence the system corrects itself.
Hope I'm clear.
10.10
Scratch out of bank Nifty trade here at 9000.
We will re-enter later.
----------------
musti..how its...i feel its simple...
Musti,
shorts are still in business. keep stop at 4978.
Musti,
Wht was the problem u were facing?
Thanks for the explanation Shai.
Dear shai, wht is the level to look for booking shorts??
Thanks
Shai when I try to post coment cant publish,
instead site got hanged after refresh for 2-3 times site reopens & rest procedure same.
good morning shai sir i ha short nifty at 4952 what sl and tgt should i watch . pls guide me thanks
It's a tough call at these levels to be short.Though the trend is with you, the risk reward does not favor a lot.
I see a stop at 4978 NF levels and at 5004NF +/-.
On the downside 4923 and 4882 can be your targets.
So it is equidistant and can swing either sides.
At the moment buyers have shown their hand and are willing to move the market up.
I hope I am with you guys.
My methodology of trading revolves around bringing risk-reward in my favor.More reward than risk.
You have to be patient and let the market give you the opportunities.Don't try to trade everyday, just becuase the market is open. Look for good set-ups and swing for the boundaries when you see one !
The markets are always there ! The people in the market change!
Nice word with care...
Hi,
Kindly help me, how to find POC,VAH,VAL values in market profile chart.
I am new to MP
Thanks
Gopkrish
Well said Shai!
"The markets are always there ! The people in the market change!"
Gem of an advice Shai!
// The markets are always there ! The people in the market change! //
cool..
Hi Rm :)
GOP..
The upper line is VAH
Middle line is POC
lower line is VAL.
Terminology avail in classroom..
I exited Bank Nifty in the morning, because the break from 9048 was too strong in my opinion.
But Buyers have again showed that they want to hold the line near 8965 which was our SL.
I feel BN gives a short term reversal here targeting 9200 thereabouts.
let's watch price-volume at 9048 again.
FYI -
Some good links if u want to track what markets are correlating to:
EURO/USD
http://www.livecharts.co.uk/ForexCharts/eurusd.php
S&P500 futures:
http://finviz.com/futures_charts.ashx?t=ES
EUROPE futures:
http://www.igmarkets.co.uk
12.25
Trade Alert : Nifty Fut
Cost : above 4975
Sl : 4960
Target : 4998
12.37
Stop at 4960 taken.
make an exit.
sir can short again below 4960 . i had put sl of 4978 it trade
Hold on Soha.
Not yet.
but sir i had no possition right now
sir today i had made a loss of 29 points buy my mistake
Soha,
1 good thing you know laready is that you did a mistake. Kindly look into the trade again and put on paper your initial reasons to enter the trade and how the market reacted to your reasons.
Do it for your entry as well as Sl.
Do it for all your trades and you will emerge a better trader.
Hmm..
Market reacted again from 4974.
Early signs of a neutral day developing.
sir can u suggest any position trade in nifty fut.
chart updated.
Looking for a close near the open or one of the day extremes.
dear shai..will u pls explain what happened yesterday in reliance..business line said that one investor got a mistake ...he sold it at 840rs ...whats the real thing?
Ravi,
It sounds terribly similar to what happened with the S&P a few weeks back. The truth never came out then and never will come here too.
thanks shai
@Shai.where are the market profile charts available for backtesting ...as well as for trading?
Sidharth
Shai,
In the composite picture - is the effective POC closer to 4960?
Dr Siddharth,
You create your own charts with a good data feed. You can choose from quotetracker, amibroker, marketdelta, ninjatrader and several more.
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Girish,
Ignore the value lines and the POC, as they are evolving. These only get finalised EOD.
My purpose was to show the developing profile.
shai...what may be margin need for banknifty
today it didnt touch ur sl and now above target ..u exited from that call...but its a nice call
Ravi,
It is the same as Nifty. Chk with your broker.
Never mind. We played safe and saved our capital.
There are always opportunities in the market
yes thats it ...thank u shai
Thanks Shai, have a great evening.
Bye all.
See u later.
Thanks Shai.
Could you please post the EOD profile with last 4 days of action?
New post with chart.
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