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.

Friday, 9 March 2012

EOD 9th March 2012

We closed at 5334.

Lets look at some important lvls  ,

5323   5Hour ema
5329   Hour Hema
5258   Day Lema
5294   5 Dema
5342   DHema
5348   5Wema
5323   Monday Pivot.
5326  10 Dema
5329  21 Dema
5277  34 Ema

So we closed above most of these important lvls , except the DHema ( 5342) and 5Wema ( 5348) this is keeping the weekly trend still Down , But with todays close the Hour and Day trend are UP.

Moving Average:

If one takes position with hourly close then 10:00 close gave a buy signal today at 5313 in the morning with a close above hour high ema , but then it was a good Gap up as well took support of  ORB as well. This also gave a buy signal as it broke it to upper range.

Divergence :

Take a look at the chart below ....

  • I can see a good Positive divergence in slow macd hourly chart.
  • Also if you observe it has also crossed the Zero line , if with monday morning we keep above this line then more upside possible .
  • 12 ma crossed over 26 as well  bullish moving average cross over is also there.

5 hour sma has crossed over 50 hr sma .

Channels :

We have just closed at the top of the channel , breaking this is the needed to up.IF we open gap up or even flat will work but otherwise my long positions will trigger the SL.

EW ;

 I feel we are done with this 4th wave and are in 5th to up ....but This line needs backup of studies which I have not done ...will try to update the Nifty EW counts page over this weekend  .

Fibonacci Retracements:

we have done close to 38.2% (5345) retracement of fall from 5630 to 5171 .

5345 is 38.2% retracemnet of fall from 5630 to 5171. { next is 50% at (5401).
5349 is 61.8% retracement of fall from 5459 to 5171 . { next 78.6% is 5397}
5345 is 78.6% retracement of fall from 5392 to 5171 . If we go above this then we will consider the fall from 5459

Looks like 5340 - 5350  zone Very stiff resistance ....

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