November 16, 2016

Market outlook

Daily charts
- trend is down on daily charts
- today, markets opened strong but closed flat
- advance decline was marginally negative
- VIX dropped 3% indicating reducing fear
- strong feeling 8000 will hold for some time




5 min charts
- did not trade today as I was out for one day picnic with friends
- so these are hypothetical trades
- initial bias is bullish (strong gap up) which immediately fades off
- the region near yesterday's low becomes  a buying area (low risk)
- exit/ consider short trade in circled area
- cover shorts near day's low
- tomorrow/ next week, consider markets to be strong above 8220 F


6 comments:

  1. Love this Independence of professional trader,being owner of your own time and spending quality time with family and friends.

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    Replies
    1. The best part is I still earned about 14K from positional short trade in OTM nifty calls.

      Delete
  2. look at last bottoms ...15/11 - 8093, 16/11 - 8089 and today's low so far 8092.....some reversal or pull back ....short covering or rolling short positions to next series?

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