Update at 1:30
Now I did take a short today , as we completed 5 waves from 5142-5095 and started retracing the move
Fib retracements were ...
Prices bounced to 5122 ( almost golden ratio ) and started to decline...Wanted to short right at 5120 , but kept thinking and gathered the courage to short at 5110 keeping the SL= 5134 reason being , As we can see the 80% is 5133 so above that means the ew count was wrong .
Kept holding on to the position till 1;30 was in a way happy to see that it had broken the day low ..
Did not want to loss a single penny so moved my SL to 5105 NF . Idealy as it made another low of day SL should have been 5112 marked in red line ,
Also prices closed below hour low ema at 1:30 closing .
But then NF started trading at premium , and my 5105 NF hit ...so am out of position without any loss .
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If Prices move again in the same range as yesterdays , it will be no trade zone for me .
We closed below hour high ema , for down momentum we need to close below hour low ema (5113)
then and then only it will gain strength to go down in hour TF
Day TF we have DLema at 5063 which is way below the prices at present , so lets look at 5 ema (5100)...so prices need to close below this for any downward direction .
For me Short If prices close below hour low ema accompained by close below 5 ema . And to be on safer side break below 5096 ( ORB Low) and if they break 5087 then a sure shot sell .
For me Long if and only if prices trade above 5144 a strong resistance as seen in last couple of days ..
Now I did take a short today , as we completed 5 waves from 5142-5095 and started retracing the move
Fib retracements were ...
| From | To | Fall/ Rise | 0.236% | 0.38 | 0.50 | 0.618% | 0.736% | 0.80% |
| 5142 | 5095 | 47 | 5,106 | 5,113 | 5,119 | 5,124 | 5,130 | 5,133 |
Prices bounced to 5122 ( almost golden ratio ) and started to decline...Wanted to short right at 5120 , but kept thinking and gathered the courage to short at 5110 keeping the SL= 5134 reason being , As we can see the 80% is 5133 so above that means the ew count was wrong .
Kept holding on to the position till 1;30 was in a way happy to see that it had broken the day low ..
Did not want to loss a single penny so moved my SL to 5105 NF . Idealy as it made another low of day SL should have been 5112 marked in red line ,
Also prices closed below hour low ema at 1:30 closing .
But then NF started trading at premium , and my 5105 NF hit ...so am out of position without any loss .
----------------------------------------------------------------------------------------------
If Prices move again in the same range as yesterdays , it will be no trade zone for me .
We closed below hour high ema , for down momentum we need to close below hour low ema (5113)
then and then only it will gain strength to go down in hour TF
Day TF we have DLema at 5063 which is way below the prices at present , so lets look at 5 ema (5100)...so prices need to close below this for any downward direction .
For me Short If prices close below hour low ema accompained by close below 5 ema . And to be on safer side break below 5096 ( ORB Low) and if they break 5087 then a sure shot sell .
For me Long if and only if prices trade above 5144 a strong resistance as seen in last couple of days ..
2 comments:
Hello
I stumbled upon your blog while surfing. Nice blog
Shorting at 5110 was a very low probability trade because big round numbers are psychological levels where a lot of opposing order flow can exist.
I think you are following too many things.
Ew+pivots+sma+ema+fibs+ etc etc. Let me quote Lao Tsu
To attain knowledge, add things everyday.
To attain wisdom, subtract things everyday. ~ Lao Tsu
All the best
ST
ST ,
Thanks for visiting and leaving your views .
I am in the process of understanding this deep sea called Markets so trying not to leave any stone unturned.
I will try to be more simple in my analysis.
Smita
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