Puzzled.

Rajesh Agarwal writes:
Quote
I am regularly hearing u on ET NOW.
But this time i feel that u r not confirm to observe the momentum of nifty. when u told to LONG NIFTY, nifty going down, when u told u r bearish in nifty, NIFTY going bullish.
plz give a strong reading on nifty.
UnQuote
Yes, Rajesh, I have fallen in the trap of becoming biased. Luckily, this distortion has lasted only a few days so nothing much is lost. Over the last 2 days, at some point, ignoring the charts I came to the conclusion that the Nifty was going to go up. Had I removed my bias, looked carefuly at the patterns I would not have been so confident. For the past few months, my views on the Nifty have been fairly on the mark, and this probably led to the feeling of overconfidence.

The Market punishes people who start believing they are smarter than the markets. Going wrong in my analysis is my punishment.

The correct view was: the Nifty is in a downtrend which will be confirmed if the index closes below 5450. This is what I had said when the Nifty fell to 5450 on Monday, but somehow I got puzzled, confused in the next two days.
Now, as I write this: The Nifty range is between 5450 and 5540. A close below 5450 will tell us that the downtrend has resumed.Since the trading range is moving to the downside, it seems fair to expect that the markets will slowly drift down.

Market Update Video

Hello traders everywhere, Adam Hewison of INO.com just finished his 1 p.m. Market Update for Tuesday the 14th of June.

To see the full video just visit INO TV, its FREE and will give you unique daily insight into current markets and seminars from market legends. Okay, now here’s a brief of what’s happening now in the major markets:

– SP 500: -60. This market remains in a broad trading range with resistance coming in beginning at 1296 and 1305 and finally 1315 which represents a 62% Fibonacci retracement. Major downside support is at 1250.

– Silver:-60. Currently this market is oversold however it is in the state of flux with no clear trend. We would use the Don Chin channels and the fact that this market is oversold and expect to see a bounce from current levels. Major Support at $34.00.

– Gold: +55. Gold is currently oversold and we would cool for cool he is is a are slow to reduce this prison abuse or her will way expect to see some further either sideways action or a move to improve levels. The Donchian channel comes in at 1503. Major support at $1,500.

– Crude Oil: -60 Trading range. Long term indicator remains positive. Support coming into this market at $96 a barrel market is currently oversold. Choppy market.

– Dollar Index: -85. The longer term and mid term Trade Triangles remain in a negative position. Resistance now at 75.00 and 76.50. Minor support at 73.50 Major support at 73.00.

– Thomson Reuters/Jefferies CRB Commodity Index: +55. Near-term resistance at 350.00. Minor support at 340. Major support at 335.00. Trading range.

Yesterday he showed us how to find winning trades using trade triangle technology. The market he found yesterday was at FCS which is the symbol for Fair child semiconductor. This market is higher today however it is still in a negative zone.