The Hourly Triangle breakdown in the last post , retraced to touch the lower trendline ,whipsawed the SAR of 5080 and closed down below it. Today's high (made in first hour of trade) was 5078 !!! . It was a trending day throughout. Now let us checkout the Weekend Analysis posted on 15-08-11,
" Conclusions:
1. Bias is firmly down in Short term .
2. Watch the Triangle break in Hourly charts for near term direction . ( trigger)
Near term Resistances are 5100 and 5140 apprx. - (The High made this week is apprx 5135)
3. If breaks 5050 or Hourly Triangle down , then can test recent lows . Next move will be on reaction at this level. ( touched the recent low level of 4946 today)
If closes below 5000 levels one can be positionally short with strict s/l . Targets may be 4800 or sub 4800 (as discussed in long term post). Hold & sit tight till Market stops u out. (for Trend Trading).
5. Probability that if the Gap is not filled in next two-three trading sessions or closing above 5200 soon , The Markets may fall by its own weight. " ( Very True !!!)
Long Term Update:
Now the Markets are poised to touch / trade near the Long Term Target of apprx. 4800 level may be tomorrow /soon which I posted at the time of start of the Blog on Jan 30th this year - Click Here and followed up recently - Click Here .
The journey of this duration has been truly Educative and Interactive with positive support from the Readers & fellow Bloggers . Thanks to All !!!
My sincere Thanks also for the warm response given by all to my new venture of Advisory services aimed at 'Learn & Earn'- Click Here
I will be closing the Subscriptions Next Friday , 26-08-11 . Please feel free to Mail me for any queries.
4 comments:
Triangle breakout target of 4860 being met at opening bell. Great work:-))Keep it up.
Thanks Manoj ji,
Target was fixed by u :)).
Though we knew the target in the larger TF ( near 4800 levels)but one has to trade step by step ,trading aptterns and trendlines etc to reach it ,imp thing is Short term and swing risk management.
Regards
Great AARVEE,
There will be trade-off between "PASSION" and "PROFESSION" now!
All the best!
Plz. keep updating the weekly blog for poor souls like us.
Regards,
Rajib
Dear Rajib ,
Lets put it this way - The 'Passion' and 'Profession' will get bullishly aligned. :))
My commitment to this blog will remain weekly updates as well as answering queries to best of my knowledge.
Thanks for the Best Wishes.
Regards
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