Trade Log NIFTY April 30Expiry day today. Gap up is huge and there is very little chance for me to participate any trade. Still scalped small profit.
Few Observations for today:
1. Bank NIFTY initially surged but closed around Low of the day.
2. Advance and Decline ratio is not great.
3. This market surged in straight line from 9270 to 9860. This is 600 points rise in 2.5 days.
4. VIX has not fallen today.
Till we cross 10000 - 10500 zone, we are still in large down move.
Hence I'll be careful of going long till this view invalidates. Considering this background, May month may start volatile. Mostly on downside.
Expiry
Expiry Special :- Bank Nifty 23th Apr'2020Inverted H&S breakout on 15 min chart, levels on the chart.
The target of breakout is approx 20090, you can safely assume if 19900 is crosses then you see BN flying 200 points in couple of mins.
The setup is negated if the GREEN trend line is violated.
It's better to avoid trades in the yellow zone, once the price crosses the zone take the directional move.
Will review during live hours if the setup needs to alter, keep liking, and following me.
Trade Log NIFTY April 16Expiry Day today. I had sold OTM calls 9400, 9300 and 9100.
This was mainly because.
1. NIFTY reversed sharply from resistance zone between 9250-9300.
2. I think the reversal was strong and made lower low on daily frame.
3. The monthly trend still remains bearish and weekly trend is sideways.
No new trades today. Overall traded as per plan.
1. NIFTY reversed from the opening and then held the opening level.
2. The Overall movement is less and INDIAVIX is below 50 now.
USO Weeky options expiration follow upToday was another options expiration day and with it comes some interesting information about current market structure and where the smart money might be leaning going forward. While there was no 'freebie' Euro close rally into options expiration setup today (because Russian news keeps bidding price up) it was very interesting to see how 'they' closed USO out at 11AM pst at 37.45. This meant that the $37.50 calls all expired worthless and the same puts would automatically exercise. Because I believe the street has a net long exposure (off the imbalance of the $37.00 strike) there was incentive for them to bring prices back down in order to cover those short positions. Additionally, the rather large spread trade (1700 contracts at $37 & $38) coupled with geopolitical tensions made this week's reading a bit murky at best.
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