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.

Tuesday, 11 September 2012


Sir says ,

During an uptrend , gap downs are good points to enter longs , this is not a rule but a guideline and how true it held today ,
ORB helps in this method .
We are trending up and there was gap down till close ema or low ema  , which could have used to enter long .
ORB broke upside , and that is a good confirmation for the trade to be taken at 5348.

I was also looking at 123 pattern , and it did give a long signal at 5354 around 11:20 in the morning  , which was good too .
My eyes are seeing a -ve divergence developing in hour charts , One has to watch of any negation  ...
On Day charts we have a nice bullish candle -ve divergence on hour charts may very well be nagated next trading session.
Slow macd on day charts has turned up just above zero , and has crossed the signal line , giving indications of more upside .
anything above 5402 is More Strength as 5402 is 80% of Last fall from 5448-5216
All in all Presently we are Trending up in all TFs we have closed above high emas in all TFs  .

BUT , a correction is on cards EW indicates so am keeping the fibb retracemnts of move 5216-5393 handy incase it comes.
Cheers !

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