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 .

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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.