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 22 February 2012

Things to watch for 23rd Feb

  • On day chart , slow Macd has turned down but not yet triggered , keep an eye on this indicator if it triggers ...

  • Pivot is 5542 . Above this strength and below this weakness .
  • Price have indeed closed below the 5 day ema at 5524 making the trend down . keep a watch on day low ema at 5493 .
  • EW says we are done with the 3rd wave , so we are in 4th now this 4th will unfold in 3 waves ..check the ew page for further details .


EOD 22nd

So we made a ST top at 5630 today , Divergence plays its part today .

Moving Average:

After a long time prices closed below 5 day close EMA and below Day high ema at 5580 ,bringing sell on rises in picture .

Prices have taken support at Day low ema zone( 5498 ).
7 hr ma is below 21 and 34 hr MA.

 

22nd Feb

Plan for the day -->

5534 is D5ema
5555 DHema
5592 HLema
5597 Pivot

Short at golden ratio ( 5648 zone)
or take shorts if prices close below HLema on a hour candle.