January 9, 2019

Market outlook

Daily charts:
- trend is up on daily charts
- today NF closed 0.5% in positive at 10855
- AD was 7:10

- note markets are trading within contracting triangle
- this makes for a difficult trading environment
- we are nearing the end of the triangle
- breakout from here should give a move of 400-500 points

- option writing support 10500 resistance 11000 (highest OI)

5 min charts:
- first bar showed selling at higher levels
- there was low risk setup for a short trade after 1 pm
- idea was for a positional trade and not intraday
- took a short position and got a fast down move
- trailed SL to breakeven
- stopped out

- there were some other issues faced today
- weird price and volume bars in datafeed
- upstox login not working for quite some time

Hourly charts:
- see triangle
- not plotting indicators as all would have given whipsaws

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