August 23, 2019

Market outlook

Image result for piercing candlestickDaily charts:
- trend is down on daily charts
- today markets closed 0.9% in positive at 10830
- AD was 5:4

- a bullish piercing pattern was formed
- let us see what happens on Monday

- support area 10600
- swing high/ resistance 11200

- today 500+ stocks made new 52 week lows










3 min charts:
- traded short as per first arrow
- stopped out on trailing SL
- missed out on long entry in first circled area
- logic for long here is breakout failure + big reversal bar
- traded long as per second arrow
- stopped out on trailing SL
- missed an excellent long entry in circled area
- logic for long is very close to SL + trend is up
- traded long as per third arrow
- stopped out on trailing SL

- overall average day... could have been planned traded much better

NOTE: irrespective of what system I use for entry, my trailing SL is always  atleast 4-5 bars low (for long trades) or formation of a big reversal bar. This rule applies for all timeframes (5 min, 15 min, daily, weekly chart etc)



5 min charts:



15 min charts:



30 min charts:





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