September 17, 2018

Market outlook

Daily charts:
- trend is down on daily charts
- after Friday's nicely bullish bar, markets open gap down near support
- market closes 1.2% negative at 11378
- AD was 8:10 (very good)
- option writing support 11000-11500

- I think triangle may form in next few days
- this will lead to a very rangebound market till breakout happens

5 min charts:
- break of prev day's support was sell signal
- also confirmed on kplswing indicator
- cover on 10 bar trailing SL (not shown on chart)
- I used green line as SL

- did nothing afterwards

- bought 11500 PE after 5 min of open
- covered on trailing SL
- good profits/ good start for new week
- did nothing thereafter as market was very rangebound

15 min charts:
- sell signal today
- if my triangle assumption is correct, a lot of whipsaws can happen this week
- this will create a difficult trading environment for positional traders.

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