On 26 April 2020, I called a short on my Patreon page with a follow up blogpost. Recently, market started moving in my favour. Here’s an update on my perspective moving forward.
Social political unrest over the country drove the index down and with the addition of the pandemic, market is now sitting on a 36% drawdown since the previous high of 335000.
The start of the protest (March), pushed the index down by 17% and the pandemic by 27%. Since then, market have retraced….alittle. Recent uprising of civil unrest was caused by the new security laws. Would we see an additional 17% decline or more? – Seem highly likely
You can clearly see that the HSI is trading in a down trend over the short run where market have found support at previous structure break, indicating strong bearish sentiments.
My initial entry can be seen from this post. The probability for market to trend lower is greater with structure low broken (trend continuation pattern).What i’m looking for is the 70% retracement mark where I think market will become more reactive.
May the odds be in our favour
Also, I’m no lambo guru with a 100% win rate and can make a million dollars in one trade.
I lost a trade on an OCK short too, because mr curry puff decide to laosai on me.
p.s you can support my work at https://www.patreon.com/financialveracity and get private weekly updates by me!
financialveracity.wordpress.com 