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.



Monday 19 December 2011

19th Dec

The Fast Fall did materialise today morning and Nifty fell to 4556 .
I see +ve divergence in 9 Rsi  chart (above) but this divergence is there for last 3-4 days .
There is a bounce coming soon ..when ?

As the 5 sma moves above 10 sma as seen in the chart , it has made me come out of my short position  .

As far as Moving average channel is considered , I will wait for the red signal line here to cross over the yellow line for a buy signal.

I will wait for a good set up before taking any other positions .
Hour high ema at 4618 presently ,
As prices above hour low ema at 4576 they indicated a buy and as prices close above Hour high ema at 4618 then it will be buy and hold .
Price currently  very close to day high at 4623 if they close above 4600 , it will give a very small body with gap down on day chart .
and If we open Gap up tomorow , then Morning star may be in the making .
Day low ema at 4659 , prices crossing this lvl and closing above it  will generate a "buy" signal for me .
Prices moving below 4575 and closing , generate a "sell" for me.

Elliott Wave.

Long term chart                                                           Weekly Nifty chart .

There are 2 possibilities presently . We are in wave C to down in 5 waves out of which i , ii done ii going on iv and v to follow  .
Let me put it here again
A- 5400-4639 =761
    B- 4639-5099 = 460
    C is on (Down) in 5 waves , Expectation = A = 761 which comes to 4338 !!!!!!
           1   5099-4728 =371
           2   was a irregular flat , whose wave c could not do the expected that is above wave b so effects could be very implusive wave 3 ...I guess which we saw today.
      so 2 = 90
             a-4728-4839
             b-4839-4673
             c-4673-4818 ( fell short of expectation which was above 4839 atleast)
Now 3 going on in 5 waves min target = 1 = 371 which comes to 4447
 we touched 4556 (19 dec)
The other possibility ( In RED) is that we are almost finishing b.B and will start c.B soon ( This B is a irregular flat where in b.B went below the start of a.b) so possibilities of c.B touching lvls higher than high of b.B ( 5099).