I love reading the news , in fact I do it daily either from the TV at night or from online news portal. But, I also sieve out the noises from the crowd and that is so important as it can whack your emotions into a roller coaster and cause undue stress, panick attack and cause you to take illogical decisions, like selling when there is a draw down.
A bear market in technical terms mean it has drop 20% or more from the peak in its share price. So, we look at HSI, we are currently less than 10% fall only. And it is still in the bullish trend.
One thing I have learnt the hard way is not to outsmart the market by predicting what moves it will make. By that, I mean assuming it is going to break down from the bullish trend line and shorting , hoping to get in at a higher price and maximise profits.
The question is ;WHAT IF it does not break down and reverse the trend instead ? With a few trades like this, you could easily burn your portfolio and sets you in a negative state, which is what we do not want.
So how ? JUST WAIT for the market to tell you what it is going to do. If it breaks down the support of 28, 273, that will be pretty convincing to take a short if I want to. (You always have a choice). Then, the price may tumble to say 26,751 and rebound or continue to break down further (as shown by the red arrows in the chart)
If someone puts a knife at my neck and asked me to take a bet, I would predict it is going to be bullish in the medium to long term with a profit target of 32,000 or more. How long will it takes to reach there ? I dunno. Will it reach there ? I also dunno .
All I know is to stay calm, trade what you see and see what you trade.
A bear market in technical terms mean it has drop 20% or more from the peak in its share price. So, we look at HSI, we are currently less than 10% fall only. And it is still in the bullish trend.
One thing I have learnt the hard way is not to outsmart the market by predicting what moves it will make. By that, I mean assuming it is going to break down from the bullish trend line and shorting , hoping to get in at a higher price and maximise profits.
The question is ;WHAT IF it does not break down and reverse the trend instead ? With a few trades like this, you could easily burn your portfolio and sets you in a negative state, which is what we do not want.
So how ? JUST WAIT for the market to tell you what it is going to do. If it breaks down the support of 28, 273, that will be pretty convincing to take a short if I want to. (You always have a choice). Then, the price may tumble to say 26,751 and rebound or continue to break down further (as shown by the red arrows in the chart)
If someone puts a knife at my neck and asked me to take a bet, I would predict it is going to be bullish in the medium to long term with a profit target of 32,000 or more. How long will it takes to reach there ? I dunno. Will it reach there ? I also dunno .
All I know is to stay calm, trade what you see and see what you trade.
Note
critical support zone, let's hope it holds and rebound from here else we could expect another fall to 26751...Note
getting ready to load more later :)Note
you can see from the price action that buyers and sellers are still fighting this war so whipsaw is inevitable, be patient. 28,273 seems like a good supportNote
Hopefully, we see some support at 25, 934 level else it will falls further to close the gap !Note
we could potentially see HSI bottoming out at 24,812 level .....Will nibble some tomorrow morning
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.