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.It was suggested on Wednesday, 31 Jan, that we could have a short term bottom tomorrow. i.e. on Thursday 1 February. Normally it does happen that when things look gloomy, we have a sharp reaction. But this type of sharp reaction in good enough to unnerve any trader.
If we look at the chart from three time frames, we can still conclude that the longer term is intact upwards. The short term is still sideways. And within this, we see the extreme short term trend is violently volatile.
I repeat what I mentioned on Wednesday, “Unfortunately, a drop of a hundred odd points on the Index is good enough to give the jitters to any trader.” One day bullish, one day bearish, traders have to take these things in their strides. And the only way we can achieve this is to keep the trading time frame in mind, and keep rigid stops.
What do I feel, going ahead? I still feel bullish. We could have a intermediate term top next week, maybe on Friday, 9 Feb, which is also the weekend. Till then, trade happy.
4 comments:
Shd the bear in me aggressively anticipate shorting then, or do we cross the bridge when it comes ??!! haha !
from an aggressive bear, i have become a hedged bull. i was planning to become aggressive bull from next week, but intermediate trend is ending, as per todays report ! so i have become a "khacchar"!! haha
reg
ketan
Where have I mentioned that the intermediate trend is ending?
Dusant
"We could have a intermediate term top next week, maybe on Friday, 9 Feb, which is also the weekend. Till then, trade happy."
There are still five trading days between this Friday and next.
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