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.

Saturday, 11 August 2012

Obervations for 13 Aug 2012

Close Price : 5320

TA supporting downmove :

Moving Average:
Hour TF we have closed above 5 ema , but below HH ema ( 5328)
Day TF we have closed above 5 ema ( 5308) , but below DHema ( 5331) bringing sell on rises .

-ve Divergence is seen in day charts

TA supporting upmove.

Channels :  below is day chart . We should see higher prices , as long as we trade in the red channel . and yellow TL joining (5630 , 5348 ) is held.

Below the orange TL , -ve divergence mentioned above plays out.

Corrective from 6339 on day chart . 5330-5340 looks to be a long term resistance( see chart below)  , also this is the lvl where dayHema and hour High ema lie,  clearing this zone and staying above blue TL is the need of hour for prices to go further up.

EW angle : With the break of orange TL to up and  5293 not broken Possibility of vth started is there with ivth done at 5294 . As  long as 5246 is held upside contines.


SMART Trader said...


Thanks for the link to Nifty Nirvana
You have the determination and the drive
May take some time, but am sure you will make it.


Smita said...

Thanks ST ,

For your encouraging words .

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