In many professions your emotional state may not effect your earnings or employment. In trading, a “bad” day can create a cascading effect. You lost when you should have made money. You created a bad habit. Losing doesn’t trigger the right response, etc.
A trader views the market through themselves. Now, most of the time it is little things that can be easily passed over. Human beings are always going to have to deal with things they rather would not have to. Every person has a bad day.
Money solves all of your problems, till it doesn’t. The difficult part about trading is the problems start and the money (win or loss) CAN come at different times. Think about this concept another way, a headline comes out and the market reacts to it (or it is reasonable to think it is a catalyst). Well it turns out the headline is old and everyone already knew about it. The story/money and what it bears can often come at the “wrong” or different times. You are rewarded or punished just not always easy to connect the actions in real time.
Money does not necessarily mean your actions are correct. Yes over time it evens out but some run out of money, patience, emotional currency before it corrects. They weren’t honest about who they were that day. It is prudent to always look a gift horse in the mouth.
Last Close :5568
Yesterday ,We had written :Support @ 5506 level…..It kissed 5503 level and Taken U-turn !
Our Hurdle was at 5577 level….Went to kiss 5601 & crashed.
Now ,SGX Nifty @ 5514 ,Down 39 points.
-Support at 5547 level.Break will take to 5529————5523 level !!
If Breaks 5523 level too ,Watch PANIC upto 5505-5499 level.
Thirsty Traders ,Just watch these Two levels :
5610 & 5500 level.
5610+142 = 5752 level……………………Not ruled out.
5500-142 =5358 level ……………in PANIC ??
Our BOX Chart Indicates :5626 & 5643 are Hurdles………….Crossover and close will create unexpected Firework.
Three Possibilities :
1)Below 5695 level ,Our Target intact :5440——————–5355 level very soon !!
2)Already Broken Head & Shoulder Neckline @ 5690-5700 level.
-Height of Head : 400 points
-5700 -400 :5300 level.
3)Qtly Chart indicates ,Below 5800 level it will favour Bears only.Target :5480-5425 & there after Nonstop slide upto 5284-5231 is possible.
Qtly Chart levels valid till June ’2013
Now ,Just u have to remember these three points only.Nothing else.
Forget 200 DMA ,Forget Economy ,Forget Fundamentals ,Forget policies -Just watch FIIs activities +USD Movement !!
-Again Result season to start ,Again Insider Trading +Result leak …..Golmaal to start soon.
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Updated at 7:53/16th April/Baroda/India