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.

Wednesday, 5 September 2012

EOD 5th Sep 2012

Yesterday EOD the observations indicated towards a green day today and we open Gap down  and then after some consolidation , touch the day channel bottom .

I feel I missed looking at the week TF , which was down and did not take into consideration that it could assert itself .

So The Gap filled at 5216 . And we closed 5225.75
And touched the day channel bottom ,
Also on hour charts I saw a Hammer ( 1:00 O'clock candle) .
A Hammer at day channel bottom on hour charts  , good to take long calls with SL 5216 .
But Prices were trading below HLema DayLema and WLema . So resisted my self .

Presently the Hour channel resistance is at 5270 and
Day channel support at 5210

only on break of either of these two I will know where prices want to go for this month.
Divergence :

+ve Divergence still there in the hour charts .

Day TA is OS .

But Divergences fail when the higher TF does not align with the direction of divergence , Here Week TF is red and we have +ve  divergence in hour charts . So better to wait out for the Hour channel top to be taken out before any Longs .

34 hour- HI lo still says to be on the short side .

5 and 20 MA gave another fast fall today . This is the 4th time this combination has given FF since the top 5448.

EOD today , I feel bears have upper hand . Lets see how we open up tommorow.

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