There is a day trading channel in #nse_daytraders in our slack channel. Many new traders won’t get grasp there as we speak of tons of stuff each day! So I decided to make a copy of my notes of each day’s trading.
I love scalping with Grasim because of its good liquidity but something grasped my eye
The high and low of each day getting closed and It was purely oversold. I made a positional call without waiting for the breakout.
However, in the next day, it did go up more making a doji. I sold some more futures there. I was expecting a long cover next days.
Definition of the Long cover says the term – 5 days. That’s why. The slant flag broke the next day.
Uses of Middle Bollinger
But then it was approaching the middle Bollinger.
There are quite complicated theories on just Bollinger. Like to which degree it is falling or retracement labels and other stuff. There are three cases from now.
1. it falls more this candle and comes back green in next candle.
2. it falls more this candle and comes back green in this candle.
3. it falls more
So I had reversed the positions of Grasim at the end of the day. I had made enough profit to take this bait.
If you apply all kind of technicals and fundamentals you have learned and get obsessed then it is easy to predict with a higher degree of probability.
Please note the term – Probability!
It did cross the Bollinger yesterday. In fact, it opened high! Also, Today it went up too!
I know that Zerodha is showing a bear candle but Zerodha is fucked up (as it is most of the time) right now. It did up today.
But I closed my position today finally.
Did you notice a huge volume on the picture for the day when it crossed Bollinger? I’m fearful of huge volumes haha.