Market outlook

Daily charts:
- trend is down on daily charts
- today nifty closed 1.5% in negative at 11420

- AD was 1:3 ... this is actually not bad

- I am discarding channel view from here on
- reason is break of lower trendline without retest of upper trendline

- note gap between 11400 and 11600 is filled
- I don't know if this can be considered as a bullish sign

- overlapping moves as seen in June and July (so far) are corrective moves
- trending moves are usually fast




3 min charts:
- missed the first short trade as price changes were too fast for order execution
- was planning a new strategy for past few days and implemented this today
- idea is to have tight SL and predefined target for exit
- here my SL was around 6-7 points and target 10-15 points (in options)
- did about 14 trades in the boxed areas

- day was profitable but I think I chose the wrong day
- profits will be extremely high in rangebound markets
- any simple indicator could have given same or better profits today



5 min chart with kplswing indicator



15 min chart with kplswing indicator