Chart is of India's NIFTY futures...price seems to be trending down while money flow index and on balance volume kept going up...should I be buying now? It appears that there were a lot of buyers who got suckered in 2750-2800 range...will the price go up to 2800 to get to the stops of short holders? Or will it keep going down to meet the next support around 2650?
You have indicators on your chart. Yet, you are asking for trading or investment advice about if you should be buying. Simply, it seems like you don't trust your indicators or they've suckered you before. If so...why continue using them? If not...why are you asking for trading or investment advice from strangers Last of all, I'm a strong believer that if you can't make a decision on your own... Best to leave it alone. Mark
Let me rephrase my question: Will you buy under these circumstances? Just curious about how ETers interpret this chart...I listen to indicators and intelligent people, but make my own decision (and live with it!).
The divergence in money flow and OBV, and the long white engulfing candle body bouncing off of prior support just below 2700 all suggest that the probability of 2700 holding and a move up is higher than the probability of a move below 2700 for the time being.
There is a gap a few days ago the market is probably trying to close. There is some resistance at the 2760 - 2800 range. Are you a position trader or an intraday trader? If you are a position trader then you are probably looking at the wrong chart. Short term divergences say nothing about longer term trends in hourly charts, IMO.
Go all in by all means, and then some more by borrowing if you have to. Then sit back and get your chicks for free
By the look of the eye it is up. However, why would you trade it the way you would do it you could do the same thing with zero risk? If options trade on cash value (not futures) there is a way to trade it risk free. Also confirm the volty, interest rate, and an option chain if they trade it and that the currency is the rupee.
You're a retail trader from India, I know for sure . There are whole lotta 'traders' like you whom few knowledgeable people loot within few months. This site is OK. You just need to do a lot of searching.