Purpose of this thread is to have a place in Elite section where I can post charts, discuss, post trades if any and have gradual progress in my journey both as trader and human being.
I realise there is significant improvement in my on the market and off the market life since I've joined FIO, so I plan to make most out of it, even though these have been hard and testing time's. They do say you stick with the good things after all.
So without the boring description, lets dive right into it.
Here is what I'm seeing today,
Trading Timeframe
Larger Timeframe
Both the timeframes indicated strong sell bias since morning, there was gradual rise in sell volume as well, so it was considerably nice day for bears.
There was also a news, which came during market hours
"S&P expects India's economy to contract by 9% in fiscal 2021"
Which is a very dangerous proposition for retailers, who often try to predict effect of news and fail. My personal view is that market prepares for this before this ever comes out for retailers so increasing sell volumes on both higher tf and trading tf were already indicative of something like this happening.
Maybe I was reading too much, but it is important to note for me that, markets I trade are probably going to be consistent on these kind of things, so its better to reduce news chasing.
Further view= I expect markets to continue this fall as second half sell volume seems very strong, it is also important to note that Monday usually sets tone for rest of the week, so when you get gap up opening but price retraces into yesterdays price range, it is sign of weakness in overall structure of the market and trader should look for selling highs.
Keeping that in mind, I'll be looking for short trades till volumes start to push behind bulls.
Kind of long commentary, but this helps my chaotic mind to stay on course. Please do come in this thread and help on my shortcomings, as there are many, I'll be requiring lot of guidance from the experts here. :):becky: