Hourly charts trading in channel and also seeing an convergence of
21/34 ema suggesting a range expansion will happen in coming week.
Holding 8050 bounce back can be seen till 8200/8240,Break of 8050 will
see a pullback till 7950.
Nifty Hourly Elliot Wave Chart
Hourly EW is showing if 8128 is not crossed correction tilll 7984.
Nifty Daily Chart
Nifty daily chart bias has turned from bullish to neutral..
You should keep a trading journal of every trade you make! Backtest
every system for at least 1,000 trades! Brush your teeth before bed!
of this is sound advice. However, how many traders actuallyfollow this
advice? Do you? I would bet that less then a third of you reading this
article keep a trading journal. Don’t get me wrong, I’m not special. I
didn’t keep a record of my trades during the first few years of my
trading career. This changed one year ago. Here are the tips that helped
me to finally create this habit. These rules are not specific to
trading and can be used to build any habit in any area of your life! The 1 Minute Rule
How do we get on the path of building a habit? This is where the 1
minute rule comes in! If your goal is to keep a trading journal, at
the end of every trading day, take one minute and write down your
trades. Even simpler, at the close of trading just write down 1
sentence. This could be your best or worst trade of the day, your
trading mood, or a combination of both. Here’s an example: ‘’May22nd: I took a signal where there wasn’t any and I proceeded to lose 4000 as the Nifty moved against my position’’
Based on a true story. Okay it IS a true story. But as I started to
write this down in my journal, I found myself needing to explain why the
trade was a mistake. And I wrote more then one sentence, a lot more.
As a Trader it totally amazes me to see how we are almost "hard-wired" to do all the wrong things. It’s almost as if we were put on this planet to determine how many ways we can mess up our trading.How do you respond to a loss? How you respond to losing trade. During my trading session I ask my students to sit down and write on, "Why I lose money in trading, Why I fail as a trader " Be honest with yourself. What are your typical excuses?
You might write something like this:
was desperate. I was running out of money, and I needed to do
something. I really didn’t want to go back to work, so I had to make
money. As a result, I really didn’t have time to do a trading plan
Instead, I just made trades.”
For the 30 minutes that it takes to do "Why I lose money in trading, Why I fail as a trader ” exercise,
give yourself a break and be brutally honest. You know that you’ll con
yourself in order to not make any progress. Treat this exercise as a
test to determine just how you con yourself. Can you be honest and tell
it like it is, o..
bought 773 contract of Index Future worth 32 cores, 6.1 K Long
contract were squared off and 6.9 K short contracts were squared off by
FII's. Net Open Interest decreased by 13 K contract , so FII squared
off both long and shorts in Index futures.
opened with gap up , touch the upper band of Hourly channel and fall
down to touch the lower end of trading range, As disucssed yesterday
analysis 8050-8060 needs to be watched closely in coming 2 session, Nifty
made low of 8057 and bounced back. On Upsidse move above 8135 can see
Nifty moving back to 8160-8170 odd levels.As per EW analysis Nifty can