January 14, 2019

Market outlook

Daily charts:
- trend is up on daily charts
- today markets closed 0.5% in negative at 10737
- AD was 6:10

- option writing support 10500 resistance 11000

- today markets broke and closed below the lower trendline of triangle
- but pattern breakout implication was pathetic
- ideally there should be a fast/ furious fall but this did not happen
- for all practical purposes, it was as if the triangle never existed
- because of this, I will be ignoring the triangle from tomorrow

- NOTE: when following patterns, always be alert to market behaviour AFTER breakout

5 min charts:
- took short position on 2nd bar
- covered at breakeven

Hourly charts:
- break of lower trendline happened today
- there was no big fall or anything
- so pattern break behaviour was missing
- will be ignoring the triangle from here on

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