HSI isn't very popular on this platform as i rarely use to get 100 views on my posts but last week post was close to 500 so many of you were checking back as i was updating in the comment section during the week. I will post once on the weekend from now on and update in the comment section during the week as things develop.
Couple of things i want to put forward. I only trade HSI and there is rarely a day when i don't trade but i can't tell you every trade where to enter or exit. I am just sharing with you what i see in the market at that particular moment. How you trade that is entirely up to you. Please don't ask me where is the bottom/top or i bought here, sold here, will market go up or down. I don't know. You don't have to know any of it to trade. Every moment in market just like each individual is unique. You yourself have to come up with a strategy which best suits your personality. I am just giving you a second opinion.
Coming back to HSI, price spent majority of the week zigzagging between 24500-200. Thursday close looked really convincing for a gap down on Friday morning but it open up instead and concluded the week on a dull note. What it tells me is that they are not done here yet.
Looking at the close, it appears that gap down and selloff on Monday is less likely. If Market goes back up to the selling zone 24700-800, it will offer a good opportunity to short. More often than not, price will go below the accumulation range in a trap move before reversing. Therefore, it is best to wait till it goes down to 23900 or possibly even below 23500 before deciding to go Long.
During the accumulation, down moves are sharp whereas up moves appear laboured. Market has to look weak for dumb money to be on the short side in order for smart money to accumulate, vice versa during distribution. Having said that, i also believe that being on the short side until the very end of accumulation is the right way to trade as long as you are selling from the top of the accumulation range and taking profits in the middle or near the bottom. Do not expect every trade to be a big winner. Market spends vast majority of time range bound. Knowing when market is in the range and when it is about to trend requires understanding of market structure which can only come with time, discipline, dedication and perseverance.
Ideas, suggestions, questions are welcome.
Regards
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Moving it up to 24652.
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SL 24690 now.
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Explaining the thought process in the Long Today.
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Found this:
Charts that utilize a periodicity of "Daily" will show a different quantity of Volume when compared to charts that utilize an intraday periodicty like 1 minute or 1 Day*. This is caused by the fact that certain types of trades, such as block trades, spread trades and market trades, are considered by the exchange when reporting the cumulative daily volume for a specific symbol or contract. However, those trades are not represented in the tick or 1-minute intraday data for the symbol. These trades together make up the difference observed between the daily volume and the sum of the intraday volume.
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It's all making sense now. Check this post from May and see if you can connect the dots.
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That didn't take long to fill. Didn't go as planned. Getting out here manually.
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SL moved to 24190.
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SL 24210. Move it up further if it goes above 360. Take Profit at 24450.
Will update again at the end of the day. More selling to come over the next couple of days i think. Will be watching 24550-600 very closely if it gets to it.
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Shaping up to be an inside day. If it ends up being one, we will look for reversal at 23900 on Monday.
that 24100 -24250 support can hold for a while before reversal.may be Tuesday
Dec0der
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@iwillbeback, Afternoon close will give some clue. What i am really interested in is the cumulative Daily volume.
iwillbeback
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seem like index hit bottom
Dec0der
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@iwillbeback, likely not ... i think selloff will intensify tmr and may be even Monday ... New multi month bull move just around the corner though.
iwillbeback
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Thanks Bros, will square the long position later
iwillbeback
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gap trading need another mindset ,fast and furious,
Dec0der
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@iwillbeback, Agree. i never trade at the market open for gap to get filled. The days gaps don't get filled and you are on the right side are the best. One way traffic all day.
ffaz
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huge differences are also seen in March (around 15 days), indicating big buys at panic low.
and near end June (around 4 days), there was climax hike later (26791, which seems to be the half-yearly high).
As retail future players are usually on short side, there may be good chance of swinging higher.
Dec0der
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@ffaz, March was crazy and i was on the wrong side. Market reached limit down in London session. Probably first and last time it ever happened. June i remember was just before the security law was approved. Any big news/event coming up? Ant group listing is still few weeks away.