I have developed a mechanical system for intra day trading using the floor trading pivots ( classic formula ). I will be posting two levels every one hour starting from 10:00 AM every day. One will tell us if we are Long or Short and the corresponding level we have entered. The other level will be the Stop and Reverse Level. PLEASE NOTE THAT ONE WILL HAVE TO TAKE A NEW TRADING POSITION AS & WHEN A NEW TRADING CALL IS GENERATED. The present position of the system is:
LONG -------3020.50
SAR -------3198.15
EXPLANATIONThe system has generated a BUY at 3020.50 and has a stop and reverse at 3198.15. Now if Nifty future trades below 3198.15 on 6th April 09, then we will close the long position at 3198.15 and go short at the same level. The new stop and reverse level will be generated and posted once 3198.15 is broken.
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