QUANT SYSTEM TRADE UPDATE - 18.04.22
- Capt D. Ganesh Raja
- Apr 19, 2022
- 2 min read
From the desk of Capt.D.Ganesh Raja
Dear Friends,
Markets are swinging around and since there was no conclusive trade signal in the system I continued focusing on my Maritime activities in Abu Dhabi, where I am visiting now. So, markets continue to be in “No trade zone”.
In my experience when complex patterns are in formation trying to resolve long term market direction, gyration in the markets are common.
Looking at the daily chart of Nifty, a doji formation can be seen but not a long legged doji. This coupled with extremely oversold indicators, a bounce back cannot be ruled out. Today’s sell off seems a bit overdone. I wouldn’t want to give a recommendation though because of lack of convincing signal. Conserving capital is a very important part of trading activity and that requires patience too.
The US markets are painting a different picture though and DJIA is indicating downward movement to continue. When I say this, read it like higher probability of downward movement, because in trading nothing can be said with certainty. In the Investopedia trading competition I have built short position in SSGA Active Trust – SPDR , symbol – DIA, which tracks DJIA. We have to wait and watch how this trade fares.
My current rank in the trading competition is 6023 out of 3,42,502 players around the world. The time I can devote to this is quite limited and definitely there is scope for performance to improve, if more time could be devoted.
Gold: Last close – In international markets Gold is nearing USD 2000.00 per ounce and domestic gold markets are also giving smart gains. Continue to hold positions in Gold. We might see some minor correction at USD 2000 levels, since round numbers tend to act as resistance in the short run. As long as long term trend is intact these minor dips should be ignored.
RETURNS TILL DATE SINCE 04.07.20 : 57.50% (AS OF Monday 18.04.22 CLOSING)
Comentários