Re: Time to Stick my Neck Out ,Nifty 7300
Dear Saint,
Area of demand coming up........covering a third here at 5159
Saint
What is the basis for area of demand how do we come to know about it in live market.
Kindly explain "No follow through" - after new low of 5140.05
Kindly Excuse me if these are novice questions
Regards
Rajeev
Hi Rajeev,
Not at all.........
Basically took Rs40 from the start of the short,and as price slowed here at the 5155-ish area,and started to stall at support,thought it was wiser to lighten up as well.
And the second part:As expected,gradient starting to slow,a down bar followed by an up bar,expected a bounce ....looking like no real follow through.Took 2nd half off...........in retrospect,good to have taken that third off the table.Great.But probably was a bit too hasty in coming out of the third............Although,the next move up would have taken me out at 5140 anyway.......a bit of a premature exit,but no harm done!!Neat profits,not complaining!
Follow through is like 4 dn bars,1 up bar,4 dn,2 up,3 dn,2 up,1dn,1 up,1 dn,1 up.......the gradient just lost its steepness.Was time for caution.....
Saint