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, 21 March 2012

Intraday 21st March

ORB 5267- 5288
It was broken down .
At 10:00 prices closed below day Lema .
and prices closed below the 5hour close ema at 5273 ...
Took a sell position at 5265 with target = 5240 and sl= day high 5287

Update at 11:45
prices made a high of 5288 for the day then receeded . I took a sell position with reasons mentioned ORB was broken down and also prices closed below 5 hr ema , ( though they were above the hour low ema ) .

Was holding the position as prices were making lower high , so first my SL was 5288 , then moved it to 5284 ...then prices again dropped from this lvl , so then moved it to 5282 .
And then you can see , my SL was hit .
Though nifty spot travelled 20 points from my entry , But I had to give away close to 30 points inNF.

All those who visit me here and feel that I  overlooked "something" , that I should have taken into consideration  pls point it out that our learning can grow.

So High low system tells me to Go long at 1:00 close at 5316 I will keep a stop loss of 20 Points at 5296 . With every hour close we will  move this SL .
At 2:00 close lets move our stop loss to breakeven so that it covers brokerage so at 5321.

Now to 5330.

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