August 17th 2012 Nifty Future Price Action

Nifty Future opened at 5384 just above the previous day close of 5380. In the last hour of trading in the previous day Nifty Future had a break out failure of the 5380 level . The up move in the morning session today was the continuation of the Break out failure of yesterday.  Nifty Future had a notable Tight Trading Range pattern at the Days high for 2 hour duration. Given below is the Nifty Future 5-min chart with observations.

August 13th 2012 Nifty Future Volume Play

Inspired by Smart Trader I am posting my understanding of the market structure. My trading decision is guided by Volume based price action. I have labeled four points in the 5 min chart that I feel where the volume and price action is important. The first trigger for trade entry is always the volume related price action. The first and second target along with stop loss would be based on the Decision points. The premise for the long trade in Nifty Future would be based on the four points.