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 6 March 2012

EOD 6th March

As I see the various indicators , the one that caught my eye was Hour slow macd with a positive divergence .

Moving Average:

Dema is at 5302 we clsoed well below that at 5222.
Day TF trend down
Hour TF trend down .
Pivot is at 5297 .

Channels :


As and when we break upper trend line of blue channel and close above it we can say we are in 5th wave up .

we have done the 38.2% of rise from 4588-5630 at 5231 ...now next is 50% at 5108.
Looking at the length of A from 5630 - 5268= 362
 If feel we have more room to go down as C . If one gets an opportunity , short with a close above hour high ema as SL.

Starting 6th March 2012


Keeping an eye on 50 and 200 sma for fast rise ...
If 50 now starts to rise ..then fast rise will materialize .

Update at 10:00
we closed at 5296 ..and Hour High ema at 5313 ..so did not take long position .One could have taken long at the break of pivot at 5297 though.
waiting and watching
***********************

We opened weak and touched and went beyond the 38.2% retaracement of the fall from 4588 - 5630 which is at 5231 ...we have done the requisite for the 4th wave ...we can be very well in the 5th wave to up

As wave 2 was deep , wave 4 has to be shallow .
34 D ema is at 5280 and now trading above 5300 ....If at 10 we close above this 5280 then upmove .

5302 is HHema , if we close above this as well then Buy on dips comes in picture .
5278 HLema