As discussed today was a typical range day with market oscillating between support and decision range. I updated low at my channels to be 31870 odd and day high was around 31170.
I would like to share a funny short story here , my friend Venkat who was present with me at my office is also a legendary chartist and Elliott wave practitioner told me that this range will break to downside yielding 300-400 pts to shorts plus head and shoulder pattern and my trade of 31000 pe was trading around 165. He challenged me to cover this position in profit today. He told me come on big bear can you face the fury of wave 4 triangle leading to wave 5 collapse , to his surprise I closed position at 195 with 31000 pe closing at 183. he said come on how can your algorithm deduce it. I explained him the mathematical logic which was bank nifty remained afloat 80 pts above our support of 30777 therefore remained 80 pts below decision range which is why I updated to everyone , put your stop and go to sleep as it's going to be a range day.
Anyways everything went as expected , good day for everyone
Decision range
30979-31017
Support for the day
30819
Resistance for the day
31140
Expectation
Trend day , 31140 might be tested
My trade
I'll try to sell puts near support
Real time update
Pvt channels will be updated asap , pub channels will be updated whenever I get time
I would like to share a funny short story here , my friend Venkat who was present with me at my office is also a legendary chartist and Elliott wave practitioner told me that this range will break to downside yielding 300-400 pts to shorts plus head and shoulder pattern and my trade of 31000 pe was trading around 165. He challenged me to cover this position in profit today. He told me come on big bear can you face the fury of wave 4 triangle leading to wave 5 collapse , to his surprise I closed position at 195 with 31000 pe closing at 183. he said come on how can your algorithm deduce it. I explained him the mathematical logic which was bank nifty remained afloat 80 pts above our support of 30777 therefore remained 80 pts below decision range which is why I updated to everyone , put your stop and go to sleep as it's going to be a range day.
Anyways everything went as expected , good day for everyone
Decision range
30979-31017
Support for the day
30819
Resistance for the day
31140
Expectation
Trend day , 31140 might be tested
My trade
I'll try to sell puts near support
Real time update
Pvt channels will be updated asap , pub channels will be updated whenever I get time
עסקה פעילה:
short 31000 pe @ 260 .
expecting 31300
expecting 30680 to hold for the day
expecting 31300
expecting 30680 to hold for the day
העסקה בוטלה באופן ידני:
Booked loss