Monday, April 23, 2012

Return of Bears!!!

Its the Most painful consolidation like when market takes double zigzag or a-b-c-d-e type of consolidation - Often Stock Broking firms or Brokers has to face the pain of Less volume or Job Loss.

Today My Long call SL got triggered 2 times. First one at 5328 when Long was at 5340-44. Second SL revised at 5310. Even Last Friday SL got triggered at 5302 when Long was at 5295. Of course SL is an Life Saving Boat - As an Analyst every one may feel Bad when Hitting SL. But for the Analyst its a failure of one Call. But from Traders Point of View it a Life saving Number. When Market Crashed after Hitting SL - then one should realize the Importance of Stop Loss in their Trade. So I never feel bad when SL hit, rather should concentrate more to avoid a Long call in such a situation - Be ideal rather than Hitting a SL is my Chant always.

Yes its again A-B-C-D-E type correction - A break out above the Diagonal Pattern is considered as "throw Over" as the Later part of "E" is divided as a-b-c. Since (b) has taken almost 78.6% of (a) as marked on Chart. Now a Previous Island Reversal Gap also failed was added fuel for the fast (c) wave fall for ending the diagonal pattern at "E". Now the Target is 5080 to touch the bottom Line.