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, 18 June 2012

EOD 18th June

Candle stick pattern

Bearish Engulfing is what we have today ..which not only engulfs yesterday's candle but  engulfs last 3 days candle .
 Also we call today as an Outside day .

Today we broke the hour channel at 5069 , and touching low at 5041.

Momentum is clearly down as we close below hour low ema ,
with todays close we have
Hour trend down ( 5 -10 bearish crossover happened )
Day trend down ( 5-10 crossover not yet taken place . )


-ve Divergence played out well today .

Candle stick , channel , momentum all indicate a lot of weakness in prices .

Hi - Lo 34 hour ema says one should have shorted at 5080 with 5100 SL at 12:00 today .

I still have to work on EW labels ...which help a lot , and once a wise soul told me , is the only thing which never fails .

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