75 minutes after the day open the high of the day is near the open print.
This open price needs to be monitored to see if buyers can push it above this level towards 5155.
On the lower side a break of 5107, should bring 5082.
Watch price volume reactions at both these points.
-----------------------
11.04
Short Nifty at 5127, Sl 5137. target 5107.
High Risk.
----------------
11.54
My stop taken in Nifty short call.
High so far has been 5138.
The stop was chosen based on prev highs at 5137 on 4th of June. Maybe I should have given it 2 points more...
I am not comfortable initiating intra-longs here, purely because of risk-reward.
------------------------
14.27
Open Interest analysis :
18.45 lacs added at 5200 call and 10.97 lacs added at 5000 put.
This seems to be the larger range where we will operate next week.
Looking at the Market Profile chart, we now have pivots at 5028 and 5177.
I will post the updated chart EOD.
------------------------------------
15.10
It's turned out to be a neutral day, with enough in it for the seller who sold closer to the previous high and the buyer who bought near the gap fill.
We were looking for a shorting opportunity per our end of day view yesterday where we mentioned that the opening print would have most of the day's highs. Buyers moved it nine points above that but were met with strong sellers.
Buyers stepped up near 5092 to lend the profile a balanced shape.
We'll keep tracking the moves between 5177 and 5025 next week.
Have a good weekend !
-----------------------------------
Friday, June 11, 2010
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43 comments:
Happy Birthday Mok
My heartly wishe sfor U.
no no no,
it was a small misdate
its NOT my birthday
but thanks for your affection and wishes musti,
just wanted to clarify.
thanks.
:)
The gap from last week is completely filled, but a new one created this morning between 5107 and 5090..
Signifies a buying tail hence gave the 5107 level.
Mok,
Ur clarification on today not being your birthday was quick, but you didn't give us your actual birthday. : ) .
----
Are we having the IIP data released today? noon?
5129 taken out
Did U consider a long Now?
11.04
Short Nifty at 5127, Sl 5137. target 5107.
High Risk.
The IIP ( Index of Industrial Production) numbers for the month of April 2010 have been announced. The growth rate was recorded at 17.4% for April 2010 , as against 13.5% announced for March 2010
buy the rumor, sell the news!
hi shai and mok..goodmorning...last few days i missed u all...but i am with u through my mobile..now i can get ur all updates through my mobile ...thank u verymuch shai ...
Thanks Gaurav.
My stop taken at 5137.
Make an exit in short Nifty trade.
dear shai
i have taken que tracker and data feed from esignals.
im not getting intraday charts for any futures.
"its saying not enough data"
plz guide me how to set it up.
You will have to backfill the data.
Speak to their service, as it has been some time since I last used QT.
I feel today is a "buy on dips". Especially if it tries to fill the gap Shai said. 5L puts added in 5100.
-- gd
11.54
My stop taken in Nifty short call.
High so far has been 5138.
The stop was chosen based on prev highs at 5137 on 4th of June. Maybe I should have given it 2 points more...
I am not comfortable initiating intra-longs here, purely because of risk-reward.
Shai - love your discipline man! Its a pleasure just watching you operate!
..
Golfdude.
Good one.
Let me add...12 lacs added in 5200 calls.
--------------
I can assure my readers that smart money keeps a track of the markets through Market Profile and similar systems.
Having said that Open Interest analysis is a good way of keeping track of what we do here on the blog vis-a-vis smart money.
In future let's keep a track of our Market profile analysis through open interest analysis.
hi shai
thanx for reply
plz can u explain how to backfill the data
"if possible for u"
Shai,
Beginning a beginner trader ( less than 6 months ), I am overwhelmed with the amount of info to track. Trends, S&R, divs, indicators, MAs, MP, OI, EW, News. I know that all can play a part in your decision. I love MP. I know the general concept. I have to find time to learn it better. Is there anywhere to get MP data online ? And maybe intraday ?
Thanks
gd
Golfdude,
This post by Viren should address your query :http://vtrender.blogspot.com/2010/05/order-flow.html.
Trading is only interpreting price and volume.We complicate it.
5107.
I kicked myself on behalf of all of you for not being careful with that stop and being overconfident on that entry.. :) .
:)
shai..
ok ..fr that fault..
lets bet ..world cup..my team germany(dax)
if i loose ..i will be ur host fr beutiful himachal..
if u loose then i will have "lassi"
5092 is gap fill.
Erases the morning buyer.
Can it get to 5082? can we see some some buying there??
Manu,
I will bet with you after the first round.Need info as I am out of touch. Don't play blind.. :) .
U from Himachal??
Buyers !!
Above 5107 they are confident again.
shai.
c d vol. at 5092..
i m at pathankot(boarder punjab.himachal and J%k)
basically i m himachally(roots in dharmshala)
but born and brought up in punjab..studied n delhi
If 5092-5082 does not hold ..down again to 5025-5045
Remember the "b" shape yesterday..
In Football also you need Initial Balance (First round) to judge the winner?
:-)
Yes Sara,
We bet on the information available. No prejudice.
Shai,I never place sl in my trade But yesterday & today both I put sl & it got hit.
Not much loss but a lot of profit gone.
Anyway better trade some other time.
Musti,
Trading is always about risk: reward. There are no certainties, only possibilities.
With a good stop, we try to mitigate risk and help conserve capital for the next opportunity.
Over the long run, this is the better approach to trading.
musti,
SL is very tricky for intraday trading. Knowing levels and setting SL accordingly is the best way. Know the pivots and S&R before open. And use them for SL. My 2 cents. Ofcourse ur loss limit can be another SL strategy. Since I keep an eye on the market the whole day, I keep mental SLs. Because sometimes aggressive SLs seem to be hit by market makers because those are "bakra" for them.
As I am reading in a book now, entry is easy for most traders. Exit comes only for the successful few.
-- gd
Markets auctioning around 5107 below the day's control level at 5115.
is it true, that SL placed on our trading terminals are seen easily accross all operators terminals
Dr Saurabh,
Your QT if registered will hold 10 days of backfill.Under tools, you will have an option to backfill where you can enter your esignal id.
If I remember, u have to do it twice, once for the RT and the other for backfill.
@rochak,
YES. I once had a 12 pt SL hit on an option and it ended up at the same price ( 12 pt up again ) within a few secs. If there are few bids, the comps can do all these things. You wont see that on high volume equities.
-- gd
it happens with me many a times, i believe and trade on .90 and .10 basis, having placed my SL actuallly at .05 paisa for shorts and .95 paisa on shorts, many a times i saw my sl was being taken when put , and otherwise, the high would hav always been a .90 paisa, or .10 paisa low.
and many a times i play on O=L, and O=H, when i dont place SL, it doesnt hit, that low or high, but w3hen i place SL, they hit
i can easily claim that SL s placed even on our private terminals can be seen all across india on operators s terminals
and we all are scapegoat for them, we can earn only when they wants us to
@Rochak,
Yes your stops and entries can be seen.
It gets reflected in the Order Book.
You can see it in your ODIN under Market Picture
Bye Shai,
Have a great weekend!
RM leaving early for the weekend :) .
Have a good one !
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