After several good trading days, I tend to get a bit wary of the next few trades I take...So I will be very cautious for some time. The past few days have been a blast for me and should have been for whoever was following my trades.
What next? Again not sure...So will play it as it comes...I am thinking that today could see some initial weakness, then some strength(may be small strength only) and finally some weakness again....This is basically based on my feel of the market and then guesswork so take it with a pinch of salt...So regd my positions, likely I will close then on the morning weakness and then short higher...I might not go long at all unless the daily stochastics turn up in a few days...However I will wait for today's market action before making any decisions on next steps.
Watch this blog as I will be providing real time positional updates.
Coming to the hourly, comments on the chart..Whats funny here is that it looks like its broken the channel already...But I would watch for bouncebacks from earlier lows...4920 area i.e
This will probably be my target to cover shorts.
Now daily...See my comments on chart. The uptrend line is still in play. We CANNOT completely rule out the bullish case unless we breakdown from this - When this happens, it will sure be a sight to behold...But I will probably wait for some more time to short in size again ...As I said before I will cover my shorts today sometime in good profits ;)