Trade Log NIFTY May 15
About my trades today
I made two trades today.
1. NIFTY formed initial red candle taking it below 9130. I shorted 9300 CALL on retest and squared on first sign of weakness.
2. Since NIFTY was not breaking 9050 , last low, I took reversal trade and squared it off before EOD on first spurt.
Overall, I followed the plan and price action and it was not a crazy day!
Yesterday I had said ,
1. NIFTY is again in the lower bound of the range, It is likely to go below 9130 and then down to earlier lows around 8800.
2. This fall may not be steep or with momentum. It can be another range bound movement in 9350 - 8800 area.
Point 1 turned to be true today. The second point , I have to see. But the selling was definitely lacking momentum.
I observe the following points about today's market action
1. NIFTY did not break the last low of 9050.
2. The close was just on the important support line of 9130.
3. VIX fell little -0.43%
4. Advance Decline is 23 to 27, neutral.
5. NIFTY reversed but could not close/touch above high of the day.
Overall I think next week in news driven week, and if there is no news NIFTY is likely to continue towards 8800 in slow fashion.
I shall do a detailed weekly update over the weekend!
I made two trades today.
1. NIFTY formed initial red candle taking it below 9130. I shorted 9300 CALL on retest and squared on first sign of weakness.
2. Since NIFTY was not breaking 9050 , last low, I took reversal trade and squared it off before EOD on first spurt.
Overall, I followed the plan and price action and it was not a crazy day!
Yesterday I had said ,
1. NIFTY is again in the lower bound of the range, It is likely to go below 9130 and then down to earlier lows around 8800.
2. This fall may not be steep or with momentum. It can be another range bound movement in 9350 - 8800 area.
Point 1 turned to be true today. The second point , I have to see. But the selling was definitely lacking momentum.
I observe the following points about today's market action
1. NIFTY did not break the last low of 9050.
2. The close was just on the important support line of 9130.
3. VIX fell little -0.43%
4. Advance Decline is 23 to 27, neutral.
5. NIFTY reversed but could not close/touch above high of the day.
Overall I think next week in news driven week, and if there is no news NIFTY is likely to continue towards 8800 in slow fashion.
I shall do a detailed weekly update over the weekend!
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