Markets open gapup and close 2.6% in positive. Advance decline was positive but nothing great.
I am now discarding triangle view as markets closed above my invalidation level of 8450 spot. This means that (a) we are having a bullish breakout or (b) markets may trade in a horizontal pattern followed by a correction.
It does not matter what happens if you have your stops in place. For a bullish move, I will look at a strict stop below today's low of 8380 spot. In other words, one should be worried only if markets close below this level say tomorrow.
There is no reason to be short in the market unless you are a contra player and know what you are doing.
EOD charts:
The kplswing indicator has given a buy today... the previous 2 signals were whipsaws.
Intraday charts: show gapup action clearly and how there was still another 100 points to be traded intraday. Note selloff or profit booking in last 20-30 min of the trade.
This is clearly visible on hourly charts
I am now discarding triangle view as markets closed above my invalidation level of 8450 spot. This means that (a) we are having a bullish breakout or (b) markets may trade in a horizontal pattern followed by a correction.
It does not matter what happens if you have your stops in place. For a bullish move, I will look at a strict stop below today's low of 8380 spot. In other words, one should be worried only if markets close below this level say tomorrow.
There is no reason to be short in the market unless you are a contra player and know what you are doing.
EOD charts:
The kplswing indicator has given a buy today... the previous 2 signals were whipsaws.
Intraday charts: show gapup action clearly and how there was still another 100 points to be traded intraday. Note selloff or profit booking in last 20-30 min of the trade.
This is clearly visible on hourly charts
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