August 2, 2019

Market outlook

Daily charts:
- trend is down on daily charts
- today nifty closed flat at 10997
- AD was 4:5 (not bad)

- today 470+ stocks made new 52 week lows

- volatile market after 1pm
- trading range was 230 points intraday

- is a bottom being formed?
- wild swings are common near tops and bottoms
- let's see

3 min charts:
- first long trade, stopped out at very 4 point loss
- second long trade was around 2pm... stopped out at 10 point loss

- sharp recovery after 1pm; 120 points move in 6 minutes
- you cannot/ should not chase these moves

In hindsight:
- best long trade was around 10900 F when it broke prev day low and recovered
- best short trade/ book profit near 11120 F when nifty broke prev day and failed
- price action traders may have made money in these trades

15 min charts:

30 min charts:

60 min charts:

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