February 23, 2016

Market outlook + my trades

Daily charts
- trend is down on daily charts
- today, NF closed 1.7% in negative; VIX up 14%
- we had a hint of this correction as per hourly charts
- I am expecting a 5 legged triangle of which 2nd is in process
- condition is recent lows should not break
- breakout from triangle will be bullish

Hourly charts
- trend is down on hourly charts
- the previous bar did not generate much profits
- I am not expecting current sell to generate much profits either
- this is because of expectation of triangle formation

5 min charts
- break from rectangle was sell signal
- note I did not wait for any initial range to develop
- reason: first bar was big red bar breaking support formed in previous day

My trades

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