This is my trading file to organise and jot down my take on the market .I do Technical Analysis. This blog is to keep track of my baby steps so that I can look back at my journey .Looking back tells me how far I have come from days when I knew nothing and can go further .It gives me motivation to keep going on even when I am tired. One has to back up trading with their own studies. The charts I post here are 99% inspired from Ilango sir.

Wednesday, 14 December 2011

EOD 14/12 Larger Trend

Monthly trend is down . Weekly it is down and daily it is down . Yesterday hour frame did turn up , but again looking at today's last 2 hours , it seems to be trying to allign with the larger trend . Down .

Moving average channel in hour frame triggered abuy towads the end of day yesterday and today again it is reversing direction and triggered a sell with the 3 hour close candle.
 Now if we look at the channels in daily time frame , we see that the sell triggered close to 5400 is still on ,

Todays action provided another oppertunity to enter the short trade as the hour prices broke below the 5 hour low ema .
Also the Zero line reversal is coming to mind , when the macd line starts to reverse just after touching zero line it is very bearish and vise versa .
As we see here in the above chart , macd line reached zero line and reversed again . lets see the action tomorow .
Since the trend in the higher TF is down , hourly bouces can be used to sell .

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