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.



Monday 27 February 2012

EOD 27th Feb


We did not Hold the anticipated lvls at 5353 for 4th wave presently going on , Lets see the retracement lvls of this move from 4588 to 5630




Next level to watch is 38.2 % which comes to 5231 zone .



Moving Average:

With today's close at 5281 we close below the week 5 Ema at 5330 which brings the week TA in sell on rises as well  also indicating developing strength in momentum downwards...
So Hour trend is down , Day trend down and now week trend in sell on rises so now for rest 5 days , I will look for a bounce in day TF to short ..If Hour time frame gets to OB with -ve divergence anytime in this week then that would be opportunity to go short .

the Low ema for week is 5228 coinciding with 38.2% retracement 5231, that could be a place to go long.
20 Ma as has crossed below 100 Ma in day chart also the 5 ema has crossed below 10 ema today , Indicating  more downside to come .

In hour TF prices closed right  at 200 MA which is at 5282 .If we hold this tomorow 1st session  we may see some bounce . If not we are heading to 38.2% minimum.

Channels :

In this 4th we are trading in a very narrow channel ..below is a hour chart
Keeping a watch on upper trendline of this channel for a sure buy signal .

27th Feb 11:00 close

We are approching the level I planned to go long 5353 ...At the same time I see that 5 day ema presently at 5543 has crossed below 10 day ema 5545 . Which indicates Shorts should be entering so lettle skeptical about going long now at 5353 lvls . Just watching the index today and keying in hourly close .

Update at 12:00


Keeping a watch on 20 and 100 MAs ..for a  fast rise or more down side ...