dear murliji,
nice to hear from you.
now when i know that you are physically in the u.s. i miss your routine presence in mudraa more than when i knew, in the back of mind, that u were somewhere around.
your observation is good and your question pointed and right.
let me ask myself and attempt a frank answer.
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i put the sl @ 5090spot equivalent because, at that time, 5090 was the line which, if crossed from below, would have indicated, as per my understanding, the pause or end of the downward slide.
infact, for quite sometime, nifty spot kept hovering around 5089.....almost teasing......missing it by a whisker 2-3 times before finally crossing it.
why i didn't square @ 5077spot = because that was not the line which indicated the end of downslide.....unlike 5090 which did.
the next question is - why i didn't go long @ 5090 after squaring shorts.
there are a few reasons when i rethink.
one, i was quite stressed after spending quite some time observing tick by tick in that tense situation with loaded position. i had to breathe again after coming out of the ring.
second, somewhere in the back of head, i knew that while markets may stop falling that may not itself indicate that they are about to rise.
so, as a natural instinct, i stood up the table, walked out, freshened up, relaxed a bit, returned, forgot the day trade and started looking for btst stbt opportunity.
with that fresh mind, and once out of the shadow of day trade's stress, i could focus on overnight trade signals better.
one more thing, the momentum (often unjustified and mob-minded) is difficult to change at the end, it is often hiding a different picture for the next day, when seen from a distance.
just like every morning is like a fresh puzzle and needs fresh look, every overnight set-up is a fresh riddle and needs a fresh view, detatched from the midset overhang of the day's workout.
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the sabzimandi train analogy is right.
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when i squared the shorts, i was not sure whether the train to the other side was ready for leaving.
the markets could easily have risen to 5030 levels before gap down the next day. in that case, it would have been prudent to book shorts and wait for shorting again.
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say my hello to the president.
hope he or his treasury secretary or fed chief doesn't say anything which spoils my overnight weekend long position.
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