The Nifty fell yesterday but the RSI has not yet broken below the 50 levels. That for me is the game changer. If the RSI falls below 50 then it will trigger another SELL for me.
The S&P continued to meander for a second day in succession. The initial rally continued till mid session but petered out later in the day. The Dollar too fell until the mid session and then rallied. Notice the coincidence?.
Currently all commodities continue their uptrend when looked through the mirror of the RSI 50 levels. The real question is whether Dollar Index will continue its fall or whether the strength of the last couple of days will continue. Very tough to call this one so I will let it pass. Best to go with the trend which currently is down.
The Nifty is still a BUY on a Daily basis. But using an hourly chart, I am slightly short the Nifty. Will cover and go long to my full exposure at 5200 levels. Will add to my short position below 5000.
I was in HK and Singapore last week and I am a reliable man. I promised yesterday to give you my takeaways from my trip. So here goes:
1] Toiletries from the Pan Pacific in Singapore.
2] The Pens.
3] The comb from the airport lounge. I considered the towel from the hotel but decided against it at the last minute. It was too bulky.
Ok jokes apart. The real takeaways were
1] District 9 is a great movie 2] Sevva in HK serves some good food 3] Victoria peak is a great place to be in the evening-specially on a full moon night. 4] Rang Mahal in Singapore serves some superb Indian food and last but not the least, the dinner at a friends house on the first day of the trip was the best food I had the entire trip.
Ok...enough of the food. The really important takeaway from this trip was that I am not such a bad trader after all!!!.
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