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, 2 January 2012

EOD Jan 02 2012

Time Frame :
 Looking at hourly moving averages , Nifty closed above HHema at 4637 .Making hourly trend to reverse presently . One has keep a watch if this spreads to day frame.
Nifty did close above DLema (4629) If it closes above day 5 ema (4659) , ST reversal will be confirmed and will gain momentum if closes above DHema (4700) .
Nifty gave a aggresive buy signal today at 4630 lvls by closing above Hour 5 ema ( 4624) and then above Hour high ema ( 4633).To be safe , it has to close above day 5 ema for a buy.

50 hour sma has crossed 100 hr sma
Sir says
"In downtrend it is close above DLema suggesting a correction , and normally it extends 10-20 points above DHema."
Fib Retracements for the fall from 4801 to 4588 are
4638 23.6%
4669  .38%
4695  .50%
4720 .618%
4745  .736 .

Indicators :
On hourly charts stochastic is OS , Also in daily charts ss is OS. look for + ve divergence in hourly charts , if present then good time to go long.

Slow macd has just triggered signal line near 0 .
fast macd about to cross the zero line to up , ( it may turn down as well , if it does then it will be zero line reversal bearish ) other wise zero line crossover  bullish.


Prices closed at the upper trendline of the channel nifty is trading in .watch out for a breakout with volumes .

I feel like a " buy " generated today at the close of the hour around4630 lvls .
Ideal SL= 4588 and Target 4700-4720 .
and then depending upon the momentum that time we can decide further.

1 comment:

Ilango said...


Congrats & Best wishes on this new journey.

You have started on the right note. Keep this balance all the time.

Best wishes.


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