Rut,

It was a beautiful set up on the intraday charts. I wish you had seen it. Will post that next.

Cheers,
Jai

Hi Rut,
Here is a small suggestion. When trying to catch turns, try to see if the security is trying to come under pressure at the expected resistance, atleast on hourly charts or 1/2 hourly charts. (Look for a red bar). You dont need any expensive live feed – yahoo provides it free 🙂 If the security is not coming under pressure, avoid.

In the present situation it does look like, mkt could be against you by for a few more hours of trade. There are 2 options I see here: 1) Get out and get back in when the pressure starts, (2) hedge with calls and lift the hedge when the pressure starts. Depends on your comfort. Remember there is cost of hedging too.

Good luck.
Cheers,
Jai

Hi Suresh,

Thanks. I’m on CNBC every alternate week, either on Wed or Thurs(next one on 7th July Pre-open). Please understand that I do go wrong sometimes – though I’m more often right than wrong. The important thing to keep in mind is to keep ur risk low and as a result when you go wrong, it comes out of your correct trades and not from your capital. So when you see any opinion of my mine – please try to figure where to place your stops.

Good trading to you.
Cheers,
Jai

Thanks. I am feeling hot under the collar…..This uptrend was unexpected to say the least.

In one of your last comments you had mentioned SBI to bounce to 2400. It did…I guess based on your recent comment best to stay away from shorting it now.

I have been running short on the Nifty from 5475. Should I hold on ?

BTW : A heat wave in Munich. Suddenly raining Bombay seems a good place to be in……getting back.

Have a great holiday

Regards R

regards
rakesh.