Review of 6th Dec and Update for 7th Dec 2012

NIFTY FUTURE – Review of 6^th  December

NIFTY FUT-  before we get into writing and analyzing today’s trade let us first discuss and review on of the most important aspect of trading first. This thing is the psychological and mental training to stick to one’s trading plan and able to follow it  with precision. This is part of one’s mental training. How we train ourselves to trade as per the plan irrespective of what sentiment is. One should seriously develop that attitude of “ I don’t care about sentiment , I will follow my plan and just the price movement” . It something that we need to do day in day out as a trader. We will be honest, we don’t get it right 100% time, nothing wrong in it. What is important is to train analyze document it what I didn’t do correctly. Here I;m not talking about profits or losses but just the trading plan.
One of the reasons of writing our daily trading guide is to get our plans in place. Mark our levels on chart and be able to refer to them during trading. Now why did we mention this today? Because today was a perfect day where the trading plan worked both ways and  in these days it becomes even more difficult to stick to the trading plan versus sentiments. Today we had many of our traders who called in to say that while we went short below 5910 as per the plan, they were not convinced and missed the trade.  We did clearly mention once 5890 breaks will test the swing support level of 5870, where we mentioned supply can come in, This is exactly what happened and markets just found support there and pulled back smartly.
As per the plan when markets pulled above 5895-5905 levels we went long again. This time the traders following our premium trade were again confused. And many just reluctantly took the trade. What eventually transpired was a massive 63 points per lot intraday gain in 2 trades today.
Again  we will reiterate that neither do we get it right everytime, and it is perfectly ok to go wrong as well. The thing is what we take home as our learning and as a trader are we trying to change our wrong habits?

Now that NIFTY FUT pulled back above the crucial trading levels of 5960 zone , what is up next? Lets see the potential opportunities for tomorrow
Readers may also mark our blog : powertrades.blogspot.

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NIFTY FUT traders did two trades , first went short below 5910 and booked profits at 5980 and then again made a smart trade going long as well to capture a whopping 63 points per lot? Missing all this action?. Leave your trading worries to us…Looking for decisive trade entries?.. Are you still worried about your trade entries? Are you missing on these turning points entries? How about looking at our points guaranteed services. …... Where to take the next trade? Did you catch the move in the right time?.... Are you still guessing where to trade? Subscribe to our premium calls and leave your trade entry and exit worries to us. 

NIFTY FUTURE – 7^th December Trading Guide

NIFTY FUT while it gave a good trading day on both sides as per levels yesterday. There was also a warning sign with the way that it cracked 5890 and managed to pull  back above it as well. This kind of indicated that at times markets are now missing that depth to sustain an upward move, this can be dangerous as prices can retrace very fast when such depth is missing.
Nevertheless the fact that markets now pulled above the trading range 5960 is an important strong sign and from a swing perspective lets stick to the trend as it unfolds. Another thing to note today is that NIFTY the candle formation for NIFTY FUT. It nearly closed at the opening level as well. NIFTY FUT now faces immediate resistance still faces immediate resistance at 5990-6000 and above that can call for a test of 6040 levels. On the downside support now emerges at 5825-30 zone again and a break this time could almost indicate a double top formation and put the upmove to real test. Below that expect support to come at 5890 levels and swing support is now strongly established at 5860-70 as previously mentioned

Short term indicators did turn negative today but are again positive now and will hold so until NIFTY FUT holds 5925 levels. The midterm momentum indicator are now also trading positive and will continue to hold so until NIFITY FUT holds above 5860 levels as yesterday. this is just exactly where markets bounced back from
As for trading today the levels are as follows:

POWERTRADE BEARS LAST STAND POINT OF THE DAY -----5990-6000   sustaining above which it will target 6025,6048
POWERTRADE TREND DECIDER OF THE DAY ------- 5925-30
POWERTRADE BULLS LAST STAND POINT OF THE DAY------- 5890-95
Breakdown and sustaining below POWERTRADE BULLS LAST STAND POINT OF THE DAY will open target for support of ---- 5865,5835

Detailed analysis also posted at www.powertrades.blogspot.com

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