This Nifty 50 swing trading strategy is typically sold for Rs....
Rohan Das@rohaninvestor
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Jan 21, 2024
~1 min read
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This Nifty 50 swing trading strategy is typically sold for Rs. 10,000, but I'll teach it to you for free (THREAD):
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(1) Open your charting platform:
1. Start by looking at the Nifty50 chart.
2. Plot the 200 EMA on your chart.
3. Next, choose the Relative Strength Index (RSI) indicator and adjust its settings to show the 30 and 70 zones.
1. Start by looking at the Nifty50 chart.
2. Plot the 200 EMA on your chart.
3. Next, choose the Relative Strength Index (RSI) indicator and adjust its settings to show the 30 and 70 zones.
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(2) Set-up Conditions:
Price must be trending above the 200 EMA on the daily chart.
Price must be trending above the 200 EMA on the daily chart.
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(3) Entry Conditions:
- If RSI goes below 30.
- Price shows a reversal with a bullish candle.
Entry Points:
- Take entry above the high of the reversal candle on the following day.
- Or when it crosses the reversal candle's high.
- If RSI goes below 30.
- Price shows a reversal with a bullish candle.
Entry Points:
- Take entry above the high of the reversal candle on the following day.
- Or when it crosses the reversal candle's high.
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(4) Stop loss conditions:
- Set your stop loss at the low of the reversal day's candle.
- Alternatively, set stop loss 0.5% or 1% away from entry price.
- Set your stop loss at the low of the reversal day's candle.
- Alternatively, set stop loss 0.5% or 1% away from entry price.
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(5) Exit strategy:
Sell your position when the RSI reaches the 70 zone.
Drawback:
Reduced number of trades annually.
Sell your position when the RSI reaches the 70 zone.
Drawback:
Reduced number of trades annually.
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Thread #133 - That's a wrap!
If you found this useful:
(1) Follow me @rohaninvestor for more such threads. I write a new thread every week simplifying trading/investing concepts.
(2) Bookmark this thread for future.
If you found this useful:
(1) Follow me @rohaninvestor for more such threads. I write a new thread every week simplifying trading/investing concepts.
(2) Bookmark this thread for future.