I find it quite interesting as to the timing on how they release these stimulus news :)...In the morning I got up and came to know RBI has cut rates again..
I wonder on what basis they do this? Was it preannounced? I dont know...Did they see something in the markets to do this? I dont know...
Its just a side thought I had..But again it shows that in trading, the charts are best to be relied on..Ignore all news...Still I know many new guys focus on news, tips, rumours etc etc...I have always told people like this - Quit now Else market will make you quit....I generally watch cn(BS) for entertainment...nothing else...When market goes down 5%, its fun to watch these guys run around like headless chickens...lol
Okay anyways coming to the market...As you could see from my realtime updates in post before, I covered all shorts...It was very good timing...I still got it..hehe :P
And I also said I started scalping on the long side. I do have a small long position even now which I did not post here as it was a risky trade and I did not want anyone else to get into trouble because of me. But nevertheless, I will close this today if we do get the anticipated rally.
Next, I will go back to shorting mode again...Scaling in as I explained before..This time range for scaling in will be 2680-2740...maybe a bit higher also...The plan is to keep selling those little rallies of hope.
Anyone still holding some short term longs, its a good opportunity to get rid of it and go short...The RBI has given us this chance...Dont miss it :)
Post with charts and then later intraday updates etc will follow today.
On a sidenote - I would like it if you guys comment more...In the posts...Does not even have to be about the posts...Just tell me who you are, what you do etc..Just nice to know who are my faithful readers :)...And then we can also get into discussing about the markets and moves and trading..Why not? I mean the comments section can be used as a forum also....I am also thinking of adding in 'disqus' over here..For those that dont know, it makes the comment section like a forum thread which is pretty good if the discussions get more active...We'll see
Okay later then!
Best.
Subscribe to:
Post Comments (Atom)
10 comments:
Lee, I agree not to run much after news...
But when news gets unnecessary importance then unfortunately it acts like fundamentals of market
and finally reflects as history in charts ... Some times news proves the whole chart wrong. What do u say lee ?
Indian Political Parties need funds for elections..... I guess u can guess the main root of RBI rate cut news
We can not force market to run behind us .... rather every one runs behind market
We all are shadow of markets. Shadow is Just a Virtual (and some what similar) replicated entity of an actual object. when object moves the connected shadow moves with that object ....
The main source of light is above all; and light shades like “hope, need, greed and ambitions” generate the shadow and keeps markets working .....
Look at y'day's fresh BSE low on closing basis. If we think that RSI of NSE is stronger than BSE's RSI then ... no new and fresh low for NSE ? is it possible ?
Indicators are there...
Abhi, yes I think I said before, we always need to be aware of the broad/big pictures, news etc..But watching TV and trading is a strict no-no in my book...
Sure news affects market to an extent but if you watch the tape/charts, you dont need anything else...This is the base of TA.
Regd RSI..Yes anything is possible, I am just trading point to point now...The big picture counts and all I put up is just speculation...Not advisable to trade according to this...
Lets go level by level for now. Too early to say anything definite..My gut says we are very close to a long term buy...but price can go down 10-15% before we get this...So risky..Let us see.
Best.
Lee,the media is also the instrument of the market makers.. main aim is to loot the retailers.
I wanted to tell this yesterday reg.R-POWER mass hysteria.
Hi Lee, I agree 2 some extent about your views on CN(BS) but i must say its viewers discretion to act solely on CNBC's recommendatin. To simply put when they flash news of a particular scrip having long or short built up, by that time the scrip has already touched its Intra day high n I must say anybody who has the basic idea of trading would go contrary as that scrip is already milked. N about the experts giving advice users if they strictly tracking experts, at any given point of time its seen that you get 2 kind of opinion both contrary(its funny but thts how market works). btw I really like honest views of Sudarshan Sukhani.
About rate cut news have, well i was not watching CNBC but in night i saw they saying that because of Election Code of conduct there is no room for govt to announce any major move so its time for RBI to make moves, n wht I can make out of this news RBI had to do it for 1 Infusing some liquidity(but tht might not work) n second for RS/$ reasons.
But one thing is true whether u go by news or not but "Charts don't Lie" n I use them like Bible for making my trade decisions.
Ashu,
Nice thoughts...Btw, I also like Sudharshan Sukhani...One of the few clean guys I think...
I see a lot of newbie traders always get distracted by 'NEWS'..but to survive in this biz, you need to learn sooner than later NEWS should be avoided...Thats was my main point with the post.
Best.
Yups! Point gladly taken.....
Wnt to add one more thing that impact of the news and the magnitude to which a scrip will react to the news is really a tough task coz besides news too many things are working ad d same time(i mean global cues, crude, different results which keep popping up. btw I was wondering did u consider other macro factors apart frm technical analysis??)
I really mean it tht its a tough task, say for example Nano news wen came out I scalped the news for 10 -12 Rs. in Futures segment of March(tht decision was solely based on Auto Sector success story) but later lost 3-4 Rs and finally decided to exit (coz market tumbled n thtz my excuse for loosing 3-4 rs) or else i would have wiped up. One lesson I got that barring a few scrip its really tough task to predict the magnitude of reaction of the scrip n I hope this task is what the professionals are hired for(are they?.
So I go with u tht news are Big Noooo for new comers, n TA n charts are safe heaven.
Hi lee what is the maximum upsode we can see
I think 2740 max...I would be happy with 2680 also...Just guessing for now...need to see market action today...
Post a Comment