General Trading Chat

[arsh22g]

Too choppy market - two losses and exits and finally SOH till clarity on trend.

SPX ding dong, Fib levels and R/Ss

 

[rrrajguru]

This market is testing patience.

Only one should buy above Day High. If having short position, should use trailing SL.

 

[pratapvb]

or is this the area that ST DA would call basing? If we ignore other markets, what exactly is price saying (I dont know, just asking seniors)

to me price is saying that it is a pause at -1SD5day a big support ....will take some time to break ....till then hold with SL ....if breaks lot more down

 

[pratapvb]

 

[sherbaaz]

or is this the area that ST DA would call basing? If we ignore other markets, what exactly is price saying (I dont know, just asking seniors)

from price action perpective it may mean tht there was a climatic action and price may getting ready to move up byt trapping weak bears and breakout shorter.
or it may mean to dissipate the energy before going further down those who shorted may be booking profits and bottom pickers may be going long
it may means couple of other things also

BUT ALL DEPENDS on the background as BACKGROUND IS THE KING.

regds,s

 

[Smart_trade]

or is this the area that ST DA would call basing? If we ignore other markets, what exactly is price saying (I dont know, just asking seniors)

No no basing is after a reversal to long, we get a rally and then the market does sideways basing for a next thrust up...

ST

 

[traderniftybank]

to me price is saying that it is a pause at -1SD5day a big support ....will take some time to break ....till then hold with SL ....if breaks lot more down

Thats it. Rightly said. Its only a pause.
IMO a big fall is due, NF may go for a pullback

 

[Fundootrader]

I can see pattern formation happening in options chain for next move - will post data post confirmation in few minutes

 

[Fundootrader]

Entered long - 7400 CE again based on OI data - Target 7300+ level

 

[Fundootrader]

Thats it. Rightly said. Its only a pause.
IMO a big fall is due, NF may go for a pullback

Yes but per the data we should see a pullback to 7400 level prior to next large downmove - which will be significant - expecting 6800 levels in medium term