August 11, 2016

Market outlook

Daily charts
- trend is up on daily charts
- support formed around 8400-8500 levels
- call writing resistance 9000
- I am expecting a trend reversal
- for this, 8500 has to break

5 min charts
- today market psychology was interesting
- first bar sell was reversed immediately
- anyone shorting here would have been trapped
- took long at first arrow
- covered at second arrow and took short trade
- covered in circled area (tails)
- went long on third arrow
- covered around 3pm

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