What a day boy!!! A classic politician like “U” turn pattern. Can’t do anything about them politicians but, …
Have read it so many times that during trading hours the trader should not carry any bias but, just follow the price without any prejudice. Applies to life as well, NO PREJUDICE!!!
I still maintain my stance of this being an euphoria times for the markets, be careful, play defensive but, make the most out of the near-term opportunities. Be opportunistic fox and be agile and no bias please : ) No one knows how long this distribution phase will last, except for the smart-money. They will decide how much they want to let go at these levels …
Below is the Nifty as it traded today and my emotions all along : )
NIFTY 5 minute chart
1. first 30 minutes was dumbstruck like deer in front of head-lights, was expecting an gap-up and this is what happened. just what I was looking for
for past couple of days2. once I recovered and came back to senses, was looking for opportunities to short. As mentioned yesterday was looking for an strong close below 5850 levels on 15min chart to initiate my shorts.
3. It never happened, Nifty kept swinging between 5840 – 5860 levels for eons, and I was enjoying everything else on web and waiting for strong breakdown below the days low range.
4. Nifty breaks out from the range (1st TL) which also happens to be 61.8% retracement of the 2nd Wide Range Bar of the day and halts at the high of the bar. Stupid me, still anticipating an breakdown.
5. Then the final move happens and am back to the morning state of DEER
Lesson Learnt : TRADE WHAT YOU SEE & NOT WHAT YOU THINK !!!
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