February 12, 2014

Intraday analysis

First bar was a breakout bar ending a doji with a wide body ... neutral implication. Now last few days, markets have been selling off on the first bar so accordingly there was some selling but this was weak.

The 9.45 bar showed buying emerging and crossover above the first line was the buy signal (shown in blue arrow).

Around 11 am we had some signs of selling. The big bar did NOT close at the high and there was a small upper tail. The next 2-3 bars did not show any strength in buying and failed to take out the day's high at that point. This led to exit of long position based on trailing stoploss.

There was a short trade (red bar) which I did not take as the market was in uptrend and a sell did not make sense.

The next buy came around 12.40-12.50... but this got stopped out soon. The sell signal again was not worth taking as markets were getting increasingly rangebound and also we were very close to the breakout support level at 6090.

Bit disappointed with the breakout.

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