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 7 February 2012

Bearish Belt Hold

When will I learn to CLick ?

Twice nifty reached the 5400 lvl where I wanted to go short ...Reason
1) -ve divergence seen in day chart yesterday
2) Nifty gapped up and opened at Channel Top .
3) Golden ratio 61.8 % done at 5404 from the fall 5944-4531.

Good enough reasons to go short ..with SL=5414 day high ..Just 15 Points risk and good gains .
so
4) risk to reward ratio was also favorable .
5) Hour SAR triggered "sell" at 5364 .

7th Feb 2012

With a Gap up it seems that we have done the 5th wave of fifth within the 3rd wave ...
here is the chart.