Hi @gopchem, i have also been secretly following your forex trades for some time. I think you are the only person i have seen here regularly posting about profitable gbpinr trades. I wish to learn about trading this market someday.
I am just a beginner in nifty, trading for few weeks since the market high was reached. I couldn’t make much in options and they block your capital for very long time, so i moved to futures.
For the last few days, the market is mostly moving sideways. Interestingly, the opening has been always gap up due to sgx nifty pulling it up during the after-hours and then the indian market pulling it down either completely or partially. So, btst gains are possible with buying futures at eod.
Because its a sideways market, prices seem to either move up or down during the first few hours and then retrace back some of that movement. All I try to do is identify this support and resistance regions where they might change their direction.
For ex. If you look at today’s movement, there was a 30 point gap up. I was holding yesterday’s buy fut and hoped that prices will move up little more (after opening) to 10370+ , before moving down again. 10370 was my expected resistance level. But it didn’t reach that high.
Unfortunately, nov dec both fut were trading most of the day at 10 point less premium than yesterday’s, so that definitely eats up your btst gains - i don’t know why and when this thing happens, but it is definitely not just due to time decay.
Anyway, finally i didn’t sell yesterday’s fut in the morning. Now it started moving downwards and in just two hours spot reached 10318. My expected support was at 10320-10330. Finding it even below that, i immediately bought another mis fut. Now, my target was reaching near days opening price at 10350. Thankfully, it did reach the target, so that was a good 30 point gain. Also sold yesterday’s fut for a small gain after this.