Here is my list to check before open / entering into the trade on nifty future contract, if trader follows this list believe me there is lot you can improve on you trading side. Here it is:
1. Check the medium term trend on weekly charts.
2. Find the trading opportunity in the direction of medium term trend.
3. Watch for global markets like DAX, Dow Jones and Shanghai Composite.
4. Have a look at major currency pairs i.e. EUR/USD, AUD/USD, GBP/USD, USD/JPY, USD/CAD, USD/CHF and NZD/USD.
5. Wait for global news events like PMI, GDP data, Interest rates decision, Unemployment data and Inflation data.
6. See if there is news release for Indian economy. If yes, wait for release.
7. On charts draw Fibonacci retracement and moving averages (100 EMA & 200 SMA). Check is current market price of nifty future is at any of these levels, if yes see how nifty future reacts to it.
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