August 23, 2017

Market outlook

Daily charts
- trend is up on daily charts
- today, NF closed 0.9% in positive at 9852
- AD was 2:1 while VIX was down 6%
- option writing support 9800
- some triangle being formed... let's see what happens
- swing low support 9700... next support 9400

5 min charts
- breakout from range is buy signal
- cover at close.. v good profits.

Reality was slightly different today.  I went long just after 1pm with SL at day's low. Then went for lunch and SL got hit. The rally was over in exactly 5 bars. So not only was I in a loss but also missed the rally.

What if I did not have lunch? Other days I had lunch and ended up doing nothing but prevented a big loss thanks to the lunch break.

So what all this mean?

Outcome of any trade is purely random and has nothing to do with your intelligence or lack of it..

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