07/08 Indices, page-103

I won't post my vertigo inducing chart but I have my xvi & futures chart I'll post

On the 28th July, the xjo looked to have done well enough to absorb the profit takers (blue arrow) & it got me excited
But then came the US with their vix spike & took out our support (orange arrow)

Now I might get called a gambler but that xvi has been falling ever since.
Absorbing everything that has been sold
Who doesn't want a long position if the xvi/vix is falling??

The only time I hold short positions is if the vix/xvi is climbing
Every other time I switch back to long positions when it settles (using my fences as guides)

I have plenty of other indicators which could change but for now, they're not favouring the bears any more

We've broken through 3 fences since last friday (haven't gone anywhere yet but if data is good tonight, it will)
Downtrends never jump fences
I know fences is a newbie term & I'm a gambler that doesn't know what he's doing
But I'm doing well enough

As long as 7330 holds, I'll keep holding long positions
My top fence is now at 7410 (7390 tomo)

If we lose support again, I'll make sure I have a long position locked in before it jumps the next fence
But I make sure something holds first