Market outlook

Daily charts:
- trend is down on daily charts
- today markets closed 2.3% in positive at 10472
- AD was 4:1

- VIX down 8%

- past few days we are have strong reversals from 10500 levels
- this can be considered as a significant level/ swing level being formed
- sustaining above this, a rally of 200-300 points is possible

- option writing support 10000 resistance 11000




5 min charts:
- gap up and cross above prev day's high was a buy signal
- cover at close
- was long in 10600 calls.from 3rd bar (2nd arrow)
- this position was taken when markets were already up 1.5%

- note stiff resistance around 10500 levels



15 min charts:
- large/ wild moves seen here creating damage to P&L
- first buy signal whipsawed badly
- next short signal gave a graceful SL exit
- second buy signal today moved nicely

- whipsaws are common in any market and any timeframe
- learn to accept it and move on
- you should not attempt to plot a chart with a different indicator setting to see if a whipsaw can be minimised or eliminated
- markets care a damn for what indicator you are using or what setting
- all the market does is match a buyer to a seller at a price... nothing else