December 27, 2018

Market outlook

Daily charts:
- trend is up on daily charts
- today markets closed 0.5% in positive at 10780
- gap up opening, close near low

- AD was flat at 9:8

- option writing support 10500 resistance 11000

- diametric pattern (diamond) drawn on chart... this is a crude on
- a diametric consists of an expanding triangle followed by a contracting one
- the biggest leg is the middle one
- once the first part is formed, the second part becomes very easy to trade
- break from the  contracting triangle gives a large move
- this pattern is in Neowave theory and not a part of traditional TA

- if above sounds confusing, just consider 10500 and 11000 as breakout levels

5 min charts:
- long trade whipsawed
- did nothing afterwards
- next 2-3 signals also whipsawed

Trades today:
- loss Rs.1500/- in 2 lots

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