No not a cricket match :) ... I am talking about hindsight here...Its funny how that works...Hindsight is always 20/20...What does that mean? It means looking back, we always know the exact points in time where we should have done something...And looking back now, I realize I should have covered shorts and probably sat out this current upmove.
Some of you readers might think I am a fool for letting this profit go by...But again the hindsight thing comes into mind...
I do not have much concern over here as I think this is just an oversold bounce in a very badly damaged market. In the bigger scheme of things, its not a big deal. I know I was in decent profits last Friday and after today's close overall position is in a small loss...I admit this is psychologically draining to see what was a profit go into a loss...But I follow the Jesse Livermore maxim...Sometimes in a trade, you just have to sit tight and wait for the BIG ONE...And that is what I am waiting for here...Might have to take some more pain but the payoff could be big.
The other thing I am feeling now is...after starting this new position updates thing on the blog, it has increased the pressure on me several times over...The pressure to not get into bad trades...The pressure to keep on winning...I guess this is why almost no one will do something like this...I am however going to tough it out and see how it goes...If I feel my performance is getting impacted, I will decide to stop the same...After all that is more important to me. Right now its quite too early to say for sure...But I am keeping a close eye on it.
Coming to the markets...Ok we got a good rally...Next area is 2805-2860 resistance bundle or wall...It would be very tough for the market to go over this...But if it does, we will challenge 2920-2950 range....As of now I dont have a clear plan on this trade if this happens...But I will see when we get there...Break 2720 on the downside and I think the downmove will continue in earnest to 2500 odd. Right now its a toss up and cant say for sure what the short term move will be...Intermediate term..i.e over next 2-3 months, I am very confident we shall see 2200 area and lower again. In the meantime, some pain is bound to be there.
If I get some time later, I will post charts with the counts I think we are in now.