These are my personal musings. These are not in any way meant to be trading advise. To view the full chart, right click and open in a new window.There is not much change from yesterday. The target zone is still open. The minute short term trend is still up. Our strategy of raising our profit booking stops has just given us an additional few points on the Nifty.
There was a question about the long term trend of the mother of all worldwide indices – the Dow Jones Industrial Average. This monthly chart was prepared sometime about three years back, and none of the studies have been changed. The time and price nexus is still standing the test of history, and we can expect it to do so in future too.Most traders get so caught up watching the intraday charts, that they forget there is also a longer term aspect to trading.
I have oft repeated that a miniscule minority of traders can catch the top range and the bottom range. Otherwise, the exercise of trying to predict is a luxury most traders cannot afford and should not indulge in.
Even now, the Dow is not showing a final peaked out pattern as yet. And as we all know, all is not well with the USA economy.
Similarly, we do not see a peaking pattern on the Indian indices as well. So where is the need to panic?
What more can I add except, plan your trade and trade happy. It is suggested to keep the trailing stops intact, and enjoy the ride.
1 comment:
u r not just a bull ! u r a bear killer !! haha - just kidding sirji !
Excellent indepth analysis, but even more importantly - the sanest advise - go long and remain long !
Thanks a million sirji ! (And in case if i do make money, i have not forgotten the European vacation, the darn thing is getting delayed coz of the bearishness in my mind !!)
reg
ketan
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