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.



Thursday 22 March 2012

EW counts on 22nd march

22nd March 2012

some possibilities
Lets see the options we were following

Option 1 gets invalidated according to me at present .

Option 2
We are still in 4th wave and have done A as

W1-- 4531-4800 = 269
W2-- 4800-4588=212 ( .78% of 1)
W3-- 4588-5630= 1042
W4-- Going on
  • A--- 5630-5171= 459
  • B--- 5171 - 5499= 328
  • C going on should do 5 waves to down of which we are done with
C.1 5499-5233=266
C.2 5233-5386=153
C.3 in play will do 5 waves to down ..
i 5386 5329=57
ii 5329-5363=34
iii 5363-5206* 157 points is done already ..clearly it is an extended wave .
iv to up will unfold and as and when it retraces 61.8% it will be good place to go short .


OR Still doing B as a FLAT in 3 waves . In this

Option 3

A--- 5630-5171= 459
B Going on .in 3 waves as a flat...
a 5171-5499 = 328
b 5499 - 5206
Here 90% comes to 5202 ...we have almost done that ...now 'c' up in 5 waves ??

So option 1 suggests that we will soon reverse the direction ,
and Option 2 and 3 suggest more down side .

Lets see how prices unfold

time to sell !

Looking at weakness in prices I feel ,  its time to sell again at 5354
12:50 pm:

11:30 update 22nd march 2012


At 11:30 As we close below hour ema and hour high ema after resisting at cluster resistance zone of 5382-5392 ...This made me come out of longs taken at 5316 .
Now at 12:00 if we close below hour low ema as well ..then that will qualify to take shorts .