BANKNIFTY : No Where Fast But Support Still In Play.
True selling does not hold range supports, it breaks them. This market went from the 24000 area to 27000 in a matter of DAYS and has simply stopped. While slowly making its way back into the middle of the range. If it is not weak, then it should be strong, right?
Our swing trade long was stopped out in the low 26400 area, and even though our outlook is still long term BEARISH , we are waiting until a clear sign of strength appears. A couple of small bullish bars do not meet our criteria for any new swing trades.
In summary, this market is NOT trending and must prove itself one way or the other. The levels are clear, it is a matter of letting it reveal its hand. If it's a bearish hand, we step aside, but if it's bullish , we have our specific criteria to justify a new swing trade entry. We follow a plan, not entertain our hopes, feelings and impulses. Those who prefer drama, there are day time soap operas for that (or the mainstream financial news)
Our swing trade long was stopped out in the low 26400 area, and even though our outlook is still long term BEARISH , we are waiting until a clear sign of strength appears. A couple of small bullish bars do not meet our criteria for any new swing trades.
In summary, this market is NOT trending and must prove itself one way or the other. The levels are clear, it is a matter of letting it reveal its hand. If it's a bearish hand, we step aside, but if it's bullish , we have our specific criteria to justify a new swing trade entry. We follow a plan, not entertain our hopes, feelings and impulses. Those who prefer drama, there are day time soap operas for that (or the mainstream financial news)
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Remind patience is the key..
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wait for next update we will come with swing trade signal ....patience is the key
