Hmm so we did have nice intraday trade today as mentioned in yesterday’s post courtesy Dow. Today was a bit volatile in the morning we were trying to ignore weak Asian cues and waiting for Europe to open. A very frustrating time till 1.30 p.m. Anyway the people who were patient were rewarded by a nice breakout. See the 5 minute chart (the black Circle) there was a breakout above the 20 DMA at the same time the price broke out of the triangle all this was confirmed by MACD giving a buy. In short a very rewarding setup. Now shift our focus towards the Dailies, we have just managed to close above the 50 DMA and again halted at our previous gap area. Tomorrow we might take a shot at that. Personally I wouldn’t like a gap up, if at all we gap up, and take out this resistance, and then we might have a very good “Fade The Gap” trade on our hands. Anyway tomorrow is derivative expiry so things will be very volatile.
"Mistakes are the usual bridge between inexperience and wisdom."
Phyllis Theroux
Hmm I have made plenty of them in my trading, maybe some day I will be wiser if not a good trader!
No comments:
Post a Comment