A simple intraday trading strategy:
Timeframe :
Preferably 5 min
Instrument :
Preferably BankNifty Futures
Technical tools required :
a) Standard Pivots (Floor Pivots)
b) Accumulation distribution indicator or OBV indicator
c) RSI13 (can customise)
1/n
Entering into a trade based on leading indicators that are derived from only price and volume complemented by RSI to ascertain the strength of trend.
AccumDist = [(C-O) / (H-L) ] x Volume
2/n
3/n
Buy only if price crosses upper floor pivot range and AccumDist is above its 50 period EMA and RSI13 > 50.
Stop is few points below Central Pivot
Target is R1 for 50% of positions and for balance keep trailing.
Reverse is for short.
4/n
5/n