Market outlook

Daily charts:
- NF closed 0.4% in negative at 11477
- AD was 1:2 (not bad)

- I am consider trend as still up
- my SL was 11500 on closing basis and markets closed 23 points below this
- so technically my SL is hit
- but markets also formed a nice hammer showing good buying at lower levels
- so I would like to take some risk and consider today's low as SL (11400 spot)
- worst case, there will be a whipsaw and I will lose additional 100 points if this level breaks
- the other option is to stick to 11500 as SL... choice is yours.

-let's see if we get a gap up tomorrow.

- option writing resistance 11800. Why not 11600 or 11700?





5 min charts:
- was not in market today so this is hindsight analysis
- break of trading range is sell signal
- cover on trailing SL

- another alternate trading is to short within first 10-15 min as one is close to SL (11580F)



15 min charts:
- trend is down
- note in strongly trending markets, one should use last 4-5 bars high as SL
- by this logic, one is stopped out from short trades
- but long trade will come above 11555 only (unless this level comes down)