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.



Thursday 5 January 2012

EOD 5th Jan.2012

Not getting much time to devote here...as my understanding says tomorow may be planned in this way ...
Moving Averages :

Today for last 3 trading hours , upsides momentum got weak. The Close at 4750 was above Hour Low ema(4744) and Below HHema ( 4767).Similarly it was above DLema and below DHema...bringing sell on rises in picture.
12 and 26 mas almost at the same price lets see if 12 rises or drops from here ?
Hour close 5 ema 4755
Day clsoe 5 ema 4726
Week 5 close ema 4746
So a close above 4755 will keep the trend as up for all the three time frames .With a close at 4750 only the hour trend is down whereas day and week trend is up.

20MA Channel

At 3 pm close today this gave a "Sell" . But the very next hr the signal line seems to move up again .
now If we have prices closing below the Hour low ema tomorow in the first hour , I can "sell".
at the close price . Or else if this signal crosses and closes above Hour high ema then it will be ver bullish , as we see the signal line reversed inside the channel .

Divergence :
Clear -ve divergence present in the hour 9 rsi chart.

Both fast and slow macd are below the signal line , Fast is about to cross the zero line and slow has to travel some more distance . If this crosses the zero line to down then we are back in the monthly trend which is down if it reverses from near this zero line then further upsides .
All these only in hour TF , Day TF is intact showing more upsides.
Fast Fall :

If the 20 ma now falls ( Red) wrt to purple (200) Fast fall will come ...keep a watch on 20 wrt 200.
5 has started to fall already.

Channel:
Prices trading at lower trendline of hour chart .
Prices
If 4700 is broken then more weakness will come in prices .

All in all its a SELL
If the first hour clsoe is below the "then" hour low ema along with channel break to down  along with macd crossing the zero line to down along with prices closing below 5 ema of respective TF .

Look for prices to up , with Opening above pivot Along with maintaining the day low .

Jan 05 Obsevation

From 12:00 o'clock close the prices are closing above 5 Close ema , but have closed below 5 Hour Hema.
4770-4780 acting as stiff resistance .
50 100 and 200 sma s are not changing fo past 2-3 hours just the 5 and 20 sma are going down.

Is there a fall coming to support zone ?