Chart Lied !
All TA practitioners who look too hard at the chart were fooled ! This applied not only to local analysts but to analysts across the pacific ocean in the US who stared too hard at the Dow chart. The strong rally has changed the technical landscape of the chart overnight !
Last night, I told myself not to be too subjective and stubborn. So I removed the H&S lines from my chart and replaced it with two trend lines ( the blue ones ). I told myself those are the level STI needs to break in order to turn bullish and invalidate the H&S. I did not quite believe it will happen or it will break both blue lines within one day. Obviously, I was dead wrong. However, this is a good mistake for me as I have been net long. I am sorry to those who shorted the market on the basis of 'short on bounce, long on dip'.
Last night, I told myself not to be too subjective and stubborn. So I removed the H&S lines from my chart and replaced it with two trend lines ( the blue ones ). I told myself those are the level STI needs to break in order to turn bullish and invalidate the H&S. I did not quite believe it will happen or it will break both blue lines within one day. Obviously, I was dead wrong. However, this is a good mistake for me as I have been net long. I am sorry to those who shorted the market on the basis of 'short on bounce, long on dip'.
Labels: Trading Digest
posted by Market Wizards @ July 15, 2009
Comments: 0
