Posted by: Babu Suresh | February 29, 2012

Nifty Day Trading-2nd Part – 29-02-2012

As a principle I never blame the market for my failures; profit and loss are part of the business. The only difference in this business is the results are seen immediately upon taking up a position. Its rather a droll any trader wondering about the rationale behind the markets’ rising and falling with respect to either economy or due to any other factors, and is best suited to do Ph.D in “Rationale Behind The Stock Markets”, instead of wasting time in trading. Because such traders can and will never make a dime.

Anyway coming to today’s session, I was totally surprised to hear from my friend at 12.45 that there was some news about GDP at 11, which caused the market to make some swings up and down, taking a breather and creating some space as well. As a rule I don’t trade the news but today I didn’t know there was a GDP data to be released. But in a way it happened for good that I managed to grab 15 points from SBIN during that minor fall because my HMA-Bollinger Band Day Trading System confirmed that there was a short trade. That was the exact time I started writing my first post as well and had to delay posting because I had a short position.

State Bank gave another excellent chance for a short trade at 13.00, and at the same time JSW Steel also followed suit, giving an opportunity to make 20 and 10 points respectively. Earlier at the start itself JSW Steel gave one long trade. Both the areas of long and short trade zones are highlighted in my chart for your reference.

JSW STEEL –  29–02–2012

JSW Steel_290212

STATE BANK OF INDIA (SBIN) –  29–02–2012

SBIN1_290212

Healthy And Wealthy Trading

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