and correction sets in

I am currently in Hyderabad india and started trading the indian markets, they are fun !

Pardon me for not posting regularly since i have been studying the Indian markets and have diversified in Crude Oil, Gold, and EUR USD trading.

In Indian market i have been trading the NIFTY futures.

So i will be posting the general market updates on the above instruments

Lets strat with NIFTY 50 – the spot level avg 20 day volume is about 400 million. it is a fantastic instrument to trade . Current solid resistance is 12,050. but i feel it is strongly coupled with the US market where a strong correction has set in.

Gold has just crossed a solid 5 month old resistance of 1300 and 1310.  Current trend is upward for the china trade war and now trade war with Mexico is pushing the prices up from last week. I am long on GCQ19 with a short stop loss at 1315. Last week made about 3 points on GCQ19 on friday. Gold has broken on the upside the 50 days SMA.

On Crude it was a fantastic hit and run trade – a sell stop limit of 55.64/55.63 at 50.65 and placed a buy limit order at 55.00 and it was hit with a profit of 65 ticks. Crude is down and there is no support on it at all. Crude has crashed below 200 days SMA. the only support i see is at 52.50 and then at 50.

EUR USD is directionless on a daily chart. On  weekly chart it is a fantastic downtrend and dollar index has hit a resistance a solid 6 week resistance of 98.40 and has gone just below the previous support of 97.71 (nov dec 2018)

Nasdaq and US market is in correction. i am really bummed that i did not short early and have been taking a mere 100 points on NQ but that is fine.

happy travel trading !

 

Bears just can’t catch a break.

IBD says this “For the seventh day in the past eight sessions, the Nasdaq and S&P 500 closed near session highs Monday. Bears just can’t catch a break.”

It continues “The Nasdaq composite rose 0.2% after wiping away an early loss of 0.6%. The composite has been rising smartly since it made a six-month high on April 1. At that time, the index put away the latest of several hiccups in which indexes have sold-off sharply, only to get back on their feet quickly.”

just a word of caution – The century figures! NASDAQ is at 8000 level, and S&P is at 2900 level.

But having said that – nothing beats this

Screen Shot 2019-04-09 at 10.53.41 AM

Else where in India – the Nifty 50 which is akin to NASDAQ-100 hit all time high

from Deccan chronicle : Foreign portfolio investors (FPIs) pumped in Rs 33,980 crore in March—the largest monthly inflow in the market’s history. And in the first five trading sessions of April, they have pumped in Rs 8,634 crore more into the markets. Indian stock market is at all time high.

1 year ago in April 2018 EUR USD was 1.2280 , Now it is at 1.1267 a drop of 1000 PIPs or 10, 000 dollars!

It has nicely bonded back and made a 10 day high yesterday. But it is in a fantastic down trend. Shorting opportunity.