Yesterdays trading was quite funny..First they trapped all the bulls on the wrong side and then got everyone beared up and then trapped all the bears...Good for me..I used the initial weakness to close all shorts and go long...As I had updated in the post below...
We need to take a slightly longer term view and stick by it to survive in this market...no other way...As of now I am bullish for short term..only very short term...The trend can turn back down any time but for now, we need to play attention to the bullish case...For now...
If you are long, play with tight stops and keep booking profits...Thats the only way in this market.
Now one thing to note here the earlier bearish signals on the daily...macd and stochastics are giving some signals that they might be neutralised...Watch this place for more later..For now the bearish case is losing strength and the bullish one is gaining...lets see how it turns out over next couple of days...This might be the last gasp of the dying market...
Best.
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