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.

Friday, 31 August 2012

EOD 31st August2012

Hmm , so we break 5255 yesterdays low .

Day low ema at 5280 and we closed below that indicating the trend is down with good momentum now  ,

EW wise also ,
2 possibilities that I can see presently ,
Option 1
A done at 5255
B On in the form of expanded flat ..this will target above 5340 if this is the case , and comming monday should see this bounce as B.c as long as 5238 is held.

Option 2

A done at 5255
B done at 5340
C is on in 5 waves down . If this is the case then Equality to A is what is expected .
 we will look for 5 waves to finish to go long now.If accompanained with a +ve divergence and even better.

Divergence :

Hour charts are showing +ve divergence ..but day channel bottom is around 5200 and we closed below day low ema so I will wait it out . I guess till then +ve divergence will ripe .

Happy weekend to All !


Prakash-Pol said...

Good morning madam
Could you suggest appropriate settings on 30min google chart for- macd and slow stochstics
Is it 12,26,9 for macd and 35,3 for stochastic

Smita said...

@Prakash-Pol ,
It is personal choice , I use Macd (5 34 5)
Slow Stochastic 14,5.

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