EOD 21st march 2012

Close at 5365 .

The simplest of trading system says to be Long
Reason :we closed above 5Day ema .


Let me write down the important nos .
5Wema
5Dema
5Hema

Having closed above 5Hema and 5Dema and 5Wema ..The trend is UP in all three Time Frames .

Hour high ema is 5343 and momentum is clearly up in Hour TF.
As we closed above Dlema , " Buy on dips to high ema " has already played out , If prices close above day high ema now , Momentum will be up in Day TF as well and then one can safely hold the longs .

Bullish Zero line crossover :

Fast Rise ?

In day TF 5 ema has again taken a support of 34 ema . 13 and 21 ema almost at the same lvl . crossing these two lvls will be good for longs .
5ema at 5329 and 10 ema at 5337 .

Candle pattern :

i feel today was a  Marubujo  and its meaning A White Marubozu forms when the open equals the low and the close equals the high. This indicates that buyers controlled the price action from the first trade to the last trade.
Lets see what tomorrow brings !

Nifty Day chart.
.

Intraday 21st March

ORB 5267- 5288
It was broken down .
At 10:00 prices closed below day Lema .
and prices closed below the 5hour close ema at 5273 ...
Took a sell position at 5265 with target = 5240 and sl= day high 5287
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Update at 11:45

prices made a high of 5288 for the day then receeded . I took a sell position with reasons mentioned ORB was broken down and also prices closed below 5 hr ema , ( though they were above the hour low ema ) .

Was holding the position as prices were making lower high , so first my SL was 5288 , then moved it to 5284 ...then prices again dropped from this lvl , so then moved it to 5282 .
And then you can see , my SL was hit .
Though nifty spot travelled 20 points from my entry , But I had to give away close to 30 points inNF.

All those who visit me here and feel that I  overlooked "something" , that I should have taken into consideration  pls point it out ..so that our learning can grow.
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So High low system tells me to Go long at 1:00 close at 5316 I will keep a stop loss of 20 Points at 5296 . With every hour close we will  move this SL .
At 2:00 close lets move our stop loss to breakeven so that it covers brokerage so at 5321.

Now to 5330.