Okay one final EDIT - I am dipping into some 2700 March PUTs right here. Very few. Scaling in. Will add more tomorrow.
EDIT: 11:20 AM IST : Hmmnn...Interesting position...Looks like we are back at 2740...Now we can take this on upside and never look back with a good rally or totally fail here..Its basically a toss up right now. I dont think I am going to do any trades today. Sitting with my shorts from 2780 odd yesterday. Goodnight All.
I intend to continue this tomorrow. So expecting more comments from everyone! :)
EDIT: 10:30 AM IST : Okay it looks like 2740 area is providing support for now. See chart below which shows why and the confluence of support in this area. For downmove to continue, we need to break this and then ofcourse break 2680-2660 as is clearly visible below in the chart. I expect we can try to move a bit more higher as long we as we hold 2740. I might add a few puts if we do manage to go higher - so far, I have done nothing today.
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I am starting something a bit new here. I.E a thread each and every day for intraday updates. I will post thoughts every few hours but ONLY if I see something worth posting. And ofcourse until I go to sleep. :)
So if you are a faithful reader of this blog, please visit during market hours also as I will post updates whenever I see something worth posting.
Another thing - I note there are many regular readers here. If you like this blog and the material posted here, please tell your friends also. Also if you think of any way I can improve this blog - new material you would like to see - or anything else for that matter, please let me know. If it is infact feasible, I will get it done.
Okay..One more thing..Earlier post, I know it was boring..Macroeconomics and all that..I know most of you guys are focussed on what will make you money today...BUT understand that all this macro views are important to us all..And simple fact of the matter is - It will help you make decisions on your short term trades also.
A simple example. 2 months back, I used to try the long/bullish side for positional trading..even though I fully knew that the situation is bad...And what happened? I lost on most of those tries. Bearish positions on the other hand continued to win big...What I learned in this is..Never trade against the BIG PICTURE. To do that, you need to understand WHAT that is..And I am sure most people do not know!
Now dont get me wrong..I still scalp on the long side..I dont post that here..Or its just a 1 day trade like I did a day back with good profits...But I dont do that unless 1) I can get out quickly 2) I know odds favour me 3) Risk vs Reward is good.
Okay coming to market today...The inverse HNS pattern I talked about yesterday targets 2800-2820 odd...So I expect we shall tag this area...I started shorting yesterday...Might do some more today via March PUTs...2860 above means I am wrong above this short term and we can go above to around 2920..Unlikely but something we should be aware of when trading in these conditions...
Either way I think we are building cause for the downside.
More thoughts later...I might add EDIT thoughts into this post itself a little later.
Best,
Lee
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