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.

Sunday, 26 August 2012

27 August 2012

Day and Hour Channels ,

Still  well within the day channel, Hour channel is broken ,
last falls from 5246 -5165 was 81 points , from 5378-5294 was of 84 points and from high of 5448 we have already done a fall of 77 points till 5371 anything more than 5364 downside  ( 5448-84) means the falls would be deeper .
 Also 80% of last rise comes to 5363 ,and  break of 80% warns you of more lows . Last low before we turned up was 5341.

 If prices take support at 5360-5370 zone , then HH is possible  , taking into consideration that day channel is yet intact and the bottom of channel  is far from where prices are trading now .

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