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, 30 January 2012

Hanging Man gets confirmed with an Evening star on the charts !

Evening Star pattern is :
A bearish candlestick pattern consisting of three candles.
1.The first bar is a large white candlestick located within an uptrend.
2.The middle bar is a small-bodied candle (red or white) that closes above the first white bar.
3.The last bar is a large red candle that opens below the middle candle and closes near the centre of the first bar's body.
Today's Candle is encompassing the whole candle of first day in the pattern .This shows a strong bearish possibilities .
The day closed at 5087 was below the 5 Day ema  at 5111 the

Day Trend turns down today.
Hour Trend has been down since 10:00 close today morning.

Indicators :
All the indicators showing weakness ... Hour fast macd turned below zero during the day and slow macd about to cross the zero line , that may happen tomorrow .

Moving Averages :

Prices closed below the 50 sma at 5092 .
The MAs are aligned in the bearish way.
Closed above Day low ema at 5080 10:00 close tomorrow if it is below 5080 then a shorting opportunity again .

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