Dont miss my earlier post on the past week and the trades I did...What went wrong and what went right...Will be a good read for all traders novices and experts alike.... :)
In this post, I will touch upon the week ahead, we will look at some charts, try to find some possible setups and also try to formulate a trading plan.
First coming to the sensex weekly. Comments on chart.
Nifty Daily. Agains comments on the chart.
Those who want to read more on Kpls 20d swing - Go to these links:
Those who want to read more on Kpls 20d swing - Go to these links:
Its a very simple yet very elegant and effective trade system. I dont think many traders will have the mental fortitude(guts) and patience to use this system. But it is something worth paying attention to. Its a variation of the Turtle Trading System...I will touch upon this in some other post in the future.
Okay coming back to market, either case I am inclined to start shorting...From Monday with hedges and then see how it goes...I will likely add up all the way to 3050 area provided we get there...And while I am adding I will keep rolling the hedge strike higher up. Its a plan but we shall see how I execute it tonight. I think there is good chance market will continue upward for next 5-7 trading days but eventual resolution should be down. So we are at 2828 now...2860 is resistance. And above this the 2920-2960 band is strong resistance. 3040-3080 even stronger resistance. I will be surprised if market goes that high...But then market always has a tendency to surprise us...So we shall see...I will update trades and entries if I do any today.
Again - Dont miss the post below this! :)
Comments and thoughts welcome.
Cheers.
2 comments:
Hi..Lee,
Your recent posts are quite candid and frank.
Regarding the 20 day swing, it is evenly poised as bearish trend is into its 13th month..You may highlight your readers on other swing time frames as you know everyone loves a fast lane.
I would like you to present the other view in case certain levels are violated and to reverse the trade..like stop & reverse.
Your honest analysis of own trades should be an eye opener for many. How one should live by the heart..care free...similarly trade heartily (intuitively)..Your intuition guided you all through correctly but you mind came in late & overpowered...Your years of experience is your heart(Intuition) and your years of knowledge is Mind(Ego).
I rely on my mind in the preparatory ground and the heart in the playground.
Best regards.
Hi Ilango,
Thank you for your comments and wisdom filled words :)
I am far from an experienced trader...Still trying to get by..A lot of times emotion takes control and this is when I fail mostly...Right now, I think there are lots of technical reasons to be bearish over intermediate term(> 3 weeks)...So that is why I am building a short position..slowly over next 1 week.
I will try to cover the points you mentioned over here in my next posts...(the main reason why I dont present the opposite view is coz I dont want to confuse readers..but I will try to add some caveat points in future posts)
Cheers. Keep reading...And keep commenting...Appreciate it!..
Best,
Lee
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