Also some folks on comments also are saying some stuff..See guy and those on comments, I dont disagree with you...I use TA too...What I use might be different from what you use...The only thing I see wrong in what I did - I missed the last 100-150 points on the upside...Now you leeches hold me to that..yeah..I know..You guys will do that...See there are different methods of TA and trading...Respect other methods too...I might be using a contrarian approach..But I do that coz thats what I am comfy with...
So okay...Have your laughs..I am wrong for now..And I am feeling the pain..BUT...
Overall I see very little reason for the market to continue up from here..If it does, I will abandon my bearishness...
Well what can I say..When I go right, lots of folks come out and praise...Some bugs wait for things to go wrong, then they come out...they however disappear when things go right again...I have been seeing this for the past several months...
You guys think I dont use money management or some kind of risk management? That was the aim of my post yesterday..Unfortunately it seems to have been too much to comprehend for most folks...Nothing I can do here...
Coming to the markets...I been wrong..No doubt...But looking at stuff today, I dont see any reason for bullishness to continue..In fact I see a good amount of downside..Very closeby...
2 scenarios I am looking at -
1. Bear Scenario - We decline fast from here, break 2770 first, 2700 second, 2660-2600 third and then touch 2500 strong support. Breaking 2500, while not impossible, seems unlikely for now...But if we do, we shall test 2200-2000 range very quick.
2. Bull Scenario - This one also portends a drop from here...We need to see where we can take supports...Will it be 2700 or 2660 I dont know...One of those areas, should support..And then we should mount another much stronger rally...
Seriously I do not know which one of above will play out...Its a toss up right now...Play level by level..Thats all we can do...There is some very bullish signals coming out...But the best thing for the bulls would have been to go down and set some really good divergences..But you know bulls..CHARGE..Yeah..This is going to be some tough trading...
I am however becoming more medium term and long term bullish..This I will give to the bulls...
Short term however...No cigar!
What I did over past few days..Reduced shorts considerably at around 2750 as I said in earlier posts...I added back some yesterday...Overall not so great of trades but lets see this to completion. See the charts below for what I am looking at.
Charts -
And as Tom Hanks said in Forrest Gump,
Thats ALL I have to SAY about THAT... :)
Best.
1 comment:
May I say something to Sinchana ??
1.". The main difference btw Gut Feel based trading and TA is that in Gut based, we tend to anticipate, TA is about reacting."
My humble point is --- when you react according to TA dont you anticipate anything at all.Then I have to find out a different meaning of the term "anticipation".
To me when we buy or sell a stock by a signal of whatever kind we do anticipate something.Otherwise what is the use of coming to stock market...there are so many safe havens available.
2. market trends are of 3 kinds -- short term, intermediate terms and long term. You may call the current short term bullish.But the other two are not at all at this time. Lee's trading is positional. That is why Lee is short in market from 3000 level. In this type of trading some times do come when one have to forgo short term gains in order to maintain the mainframe.
Yes, Lee has some handicapp because of the huge time-gap,he cannot take a some quick short-term contra- position within his mainframe.
We should not ignore this fact.
good day.
Post a Comment