29 Oct 13, 10:15 Am
Step 1 : Market Analysis
Nifty : Down 8 pts
Cnx 500 : Down 8 pts
A:D : 1 : 1.5
Market Analysis says today is " Sideways to mild bearish day"
Step 2 : Chart Analysis
Price just gaped up 8 and filled the gap with opening bar. Momentum indicator shows bears have strength and bulls are weak. The trend on the 5 min chart is down and on extension mode. The trend on the 30 min chart is also down.
Conclusion
Look for short opportunities
ANALYSIS
1. Price at Resistance zone
2. Bearish candle stick pattern.
3. Momentum is Bearish.
4. Trend is down.
5. H trend is also down.
You will end up with small loss.
Mistakes:
During the news release we should not trade, but we traded today and made a loss. with our money management we reduced our loss.
Conclusion:
Today during our analysis we failed to consider the news release of RBI policy. Because of that,we timed our trade wrong. "Never Trade during the news release time"
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