If market breaks back into the triangle, it will invalidate it and the bearish case will weaken considerably. So thats my line in the sand right now. Either case I will look to hedge today on a pullback.
Chart -

Best.
A place for my stock market thoughts, general thoughts on investing and trading. And guidelines on future moves based on technical analysis aka charting.
2 comments:
Dear Lee,
I didnt get your strategy today.If you dont have any difficulty , please let me know.It will definately improve my learning process.
However I have followed the old fashioned axioms both yesterday and today.
1.Do not average your losses in an unfavourable trend.
2.see your loosers small,winners bigger.
And 2740-50 is an range from where nifty got an gap-down. will think afresh there wheather to go long or short.
:)
Hey Sajal - I did absolutely nothing today..Which is also why I did not post :) If I dont post, assume I did nothing..I am also confused and thinking what to do.
For me yesterday was a day I could do nothing or very little...
Its what we call a narrow range day..atleast a NR tradable day..Almost for 3 hrs or so, the market just stayed in a very narrow range...Absorbed all buying and selling and then moved up - short covering or buying I do not know..But I would guess a lot of shorts may have covered.
Its a moving target - Will watch next week for more clues.
See my next post for more thoughts.
Best.
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