Let’s see what Nifty did today. With no positive cues from anywhere, and
- These patterns were forming at the bottom. Therefore there is less likelihood of them, producing any substantial down move.
- Second this entire circled action was happening when the Stochastics was already in OS zone and RSI also wasn’t exactly signaling major bearish sentiment.
- Third, MACD was tracing a bullish divergence.
The final signal to go long came, when price broke out of its MA and sloping Trend line(no I did not take this trade, with 2 failed trades already in my kitty I was bit low on confidence). I am personally not able to trade these intraday gyrations, as keeping the Stop Losses is a major challenge (somebody smarter than us is gunning for them on both sides). So if you are like, one of those characters on TV called Quick Gun Murugan types, Happy Shooting! As for me, I prefer my Gun for Fun !!!!
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