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 5 October 2012

EOD 5th Oct 2012

Let me start with 9 RSI day chart .. where I see the -ve divergence has formed well and showed its effects today .
 
Macd Histogram divergence
 
 

But again we have closed at 5747,  above 5 day ema at 5735 .
Trend still intact , though momentum is not there now , with a close below day high ema .

Safe shorts would be only below a close of 5 dema .


Candle pattern wise we have a Bearish Engulfing today , which is there after a good uptrend along with weakening of momentum . Candle formed today engulfs the shadow also ,


Confirmation in the form of further weakness needed on Monday . On day charts SS has not crossed the trigger line yet , with a cross of trigger line , shorts would be safer.

Probably it may come with a close below 5 day ema .


Retracements for todays fall from 5810 to 5706 are

 From   To   Fall/ Rise  0.236%        0.38                 0.50 0.618% 0.736% 0.80%
5810 5706       104    5,731    5,746             5,758    5,770      5,783      5,789

Prices going above 80% would mean strength ...



we have done close to 50 % today at 5758.

All in all  , A bearish engulfing + losing momentum on Day TF + -ve divergnece persisting on day charts .
 

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