as long as it holds the level of 1108 levels on closing basis
Markets efficiently built and Random enough to prove any best strategy wrong.
So, In this world, when it comes to trading it is always "Might Be" and there is no word called "Sure". Just like Weather Forecast and it always said to be in "Might be" Situation.
When plan a journey from one place to another (ex: One city to another city), there are so many factors that affect the journey and we might reach the destination and Might not.
Trading is Game of Probability, And the Probability theory is built on the foundation of "Might Be". And as experienced author one should understand a basic principle
The same chart is being posted by me and i have given the sense of direction , at any given instance the trend following system works when you know which direction its moving , and anyone one knows the larger trend information that person will tend to take safe trade with sign of strength in the direction of larger trend ,
What is the ideal time to see the trend? 1 hr, 1 day or 1 week or 1 Month.
Intraday participants use Time frames < 1hr and Longer timeframe participants use 1 week to 1 Month.
The same trend changes based on the timeframe that we use.
According to Steidlmayer - The the person who introduced new age options to the world (Led BlackScholes team), Ex CBOE and the Inventor of Market Profile and the pioneer of electronic markets, Mentioned that there are only 2 types of traders in this world 1. Intraday 2. Longtime frame (Any one who carry forwards the position)
The Larger Time frame Participants are the people who decides the market movement, And their participation in the Market is ultimately defined by a future event (ex: Results, Monsoon news, Political news etc)
And According to DOW - Markets are built based on Efficient Market Hypothesis(Theory) and according to this Price will get corrected by absorbing the News/Event through Auction Market Theory(Bid/Ask).
And as asked in the first question - Efficient Market Hypothesis explains that in case of any "Event/News" all kind of technical's fails.
Let us take a classic example: If a glass is half filled with water, one says its "Just Half filled" and "And other one say "Its Half empty"
So, Every one have their own perception and we respect each other for our knowledge and analysis.