August 29, 2016

Market outlook

Daily charts
- trend is up on daily charts
- today, markets closed in positive but AD was negative
- however NF has made on real progress in past few weeks
- pattern looks like a rounding top
- this has bearish implications if neckline (8480) breaks.
- option writing support 8500.




5 min charts
- took 3 short trades in circled area
- first 2 short trades gave average profits
- last short trade took away everything
- surprised why I did not take a single long trade



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