21 Oct 13, 10:15 am
Step 1 : Market Analysis
Nifty : up 2 pts
Cnx 500 : 6 pts
A:D : 2.35 : 1
Market Analysis says today is "sideways to mild bullish day "
Step 2 : Chart Analysis
Market gaped open and filled entire gap, this says 70% of time it will close below the open. Price raised above yesterdays high and corrected below it. Momentum indicators says bears have strength. The trend on 5 min chart is up .The H trend is down.
Conclusion:
Look for short with tight stops.
Reason for entry:
1. Resistance zone.
2. Candle pattern.
3. Momentum bearish.
4. Trend up
5. H Trend : Down.
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