How to fix specific SL and targets while trading with free Yahoo Chart?
Please see my last Monday's post on How Have I Made 40+ Points In Trading Nifty Future Intraday Today. After the post I have received many readers requests to illustrate the stop loss and targets. So this post is on how to calculate the targets and stop loss levels while trading Nifty using the freeNifty Trading System in this blog. The same is applicable for the free Bank Nifty Tradig System.
We all know the entry and exit rules. Sometimes we see that even the entry rules are met the trade is not performing. The reason may be we are buying just below an important resistance or we are shorting just above to an important support levels. We all now know that pivot points indicates excellent support and resistance levels for intraday trades. So can we combine pivot levels with yahoo chart? The answer is yes.
So changed rule, if we get a buy signal in yahoo chart, we look for the nearest pivot level and buy just above the level. We can keep SL 5 points below the last swing low and we can target the next pivot level upside. While shorting with yahoo chart, we look for the nearest pivot level and short just below the level. We can keep SL 5 points above the last swing high and we can target the next pivot level downside. It is tough for novice traders to combine the pivot levels in trading, but with continuous practice you can actually make this for of trading very easy for you. I have shown today's possible trades with the help of a diagram.
Please see my last Monday's post on How Have I Made 40+ Points In Trading Nifty Future Intraday Today. After the post I have received many readers requests to illustrate the stop loss and targets. So this post is on how to calculate the targets and stop loss levels while trading Nifty using the freeNifty Trading System in this blog. The same is applicable for the free Bank Nifty Tradig System.
We all know the entry and exit rules. Sometimes we see that even the entry rules are met the trade is not performing. The reason may be we are buying just below an important resistance or we are shorting just above to an important support levels. We all now know that pivot points indicates excellent support and resistance levels for intraday trades. So can we combine pivot levels with yahoo chart? The answer is yes.
So changed rule, if we get a buy signal in yahoo chart, we look for the nearest pivot level and buy just above the level. We can keep SL 5 points below the last swing low and we can target the next pivot level upside. While shorting with yahoo chart, we look for the nearest pivot level and short just below the level. We can keep SL 5 points above the last swing high and we can target the next pivot level downside. It is tough for novice traders to combine the pivot levels in trading, but with continuous practice you can actually make this for of trading very easy for you. I have shown today's possible trades with the help of a diagram. 
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