February 26, 2014

Intraday analysis

Initial bias was mixed... however markets crossed day's high AND previous days high by 10am.

Along with this buy signal there were 2 more buy signals. However trading this could have been emotionally difficult because of the upper tails formed on the breakout candlesticks. While this indicates selling, it is NOT a short situation as the trend has been up.
Trailing stoploss never got hit ... however there was a problem area immediately after the first buy signal as markets started trading sideways. At times like this, it is normal for a trader to exit a trade but one should re-enter immediately when charts give another buy signal.

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