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 5 March 2012

EOD 5th March

5Dema 5341 ,
5Hema 5289 ,
5Lema 5278,
Day pivot 5297,
21 hr MA 5325,
34 Hr Ma 5348,
10 DEma TF 5373
DayLema 5309.

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We closed above HLema but below HHema and 5HrEma.
Very Important that we close below day L ema at 5309 .
indicating downside .
34 Dema , very important moving average , is at 5280 , Opening itself  will tell if weakness or strength ?


Looking at the day chart , It looks to me like 4th wave on in a ZZ (A B C ) . A and B done and now C going on in 5 waves down .




Moving Average:

For any upmove we have to close above 5341 the 5 DayEma .

Channels :

Upper green channel still intact , break of the channel upside will indicate that we are done with wave 4 and are in wave 5 which will go min = wave 1

Fibonacci Retracements:

5231 38.2% of 4588-5630
5108  50% of 4588- 5630

Look at this 9 Hr rsi chart ...RSI has made a triangle . I also see small +ve divergence .Is 4th wave coming to an end ? and 5th to start

Conclusion :
todays close is 5280. Break out of Range from 5275-5300 ,will give direction for trade tomorow .

Plan for 5th March

Did go short as per the plan with one lot of mini nifty(20) ...watched plus and minus in the account ..and at a point had strong urge to square off with having 20 points profit ...but then held and then watched the pointer go up again .  In 2 min TF prices broke the 34 period MA and closed above it  , was watching 5 min TF carefully and prices started to touch 34 period ma there also ..so came off  at the price entered bearing loss of  brokerage cost .

Leasons learnt today ....
  • I should have waited for the prices to close above the 34 period ma , before squaring off   .
  • I should have taken 2 lots so that , could have booked 20 points on 1 lot which could have fetched me brokerage + , keeping my capital preserved , while holding on to the 2nd lot .
  • Preserving capital is the main goal  , so that i can play for Long .
  • Intraday 20-30 points is good for me .

+++++++++++++++++++++++++++++++++++++

ORB for today is 5303-5345

breaking 5297 as per last post will suggest that we are in 3rd wave down of C .
Prices are trading below Hour 5 ema and HLema ( 5339) .
10:00 close will also give a clue and also if
If ORB is broken down before 10:00 , I will go short for the day , with a small sl and a small target.