02:36
Unknown
Since intraday trades were difficilt to come by, I switched to 15 minutes and my 3 ema method. Here you have a new set of problems to deal with! Overall the above picture looks cool - a nice trending down move but in reality things can be challenging.
For example on the 9th markets made a new high above 6400 but could not sustain and got sold off in the first 15 minutes. The rest of the day it traded sideways. On the 10th I got a short trigger at A but got whipsawed at B. Next day on the 11th, we had a gap down and I was short at C but prices closed above all the averages at D. I did not want to be on the wrong end of the stick so I closed my trade. Next day on the 12th, it opened gap down again at E and this was the only tradable signal till the close today. For all these days, the 14 period ATR was in the 13 to 16 range. If one can sit tight with a say 3 ATR stop then one can trade this way and maybe get rewarded. At present I'm not taking any big risk in overnight trades and I'm limiting myself to just a couple of contracts.
Posted in: Indian Market Tips
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