August 1, 2016

Market outlook

Daily charts
- trend is up on daily charts
- outside bar formed
- indicates indecisiveness/ fight between bulls/ bears
- support 8570-8470 spot

5 min charts
- difficult but profitable day
- avoided temptation to go long thanks to first bar selloff on Friday bar.
- delayed short taken.
- the arrows show where I initiated/ covered shorts
- logic for short is the big down bar followed by a recovery which failed
- cover was near supports formed on 15-30 min charts

- support as described on higher time frame chart

Trade screenshot...

No comments:

Post a Comment