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.



Friday 8 June 2012

EOD 8th June 12

Trendline :

Today's high falls exactly at the trendline making it now 4 points touching the trendline seen , making it a strong one .
This trendline can act as strong resistance on monday .
On monday if we see prices breaking this trendline and trading above it then , this line will act as strong support . And if we open below this and stay below , then chances of price going down .


Moving Average:

We have just closed below WHema ( 5072) .
In Day/Hour TF it is trending phase as we have  closed above High ema s


Looking at EW will help . I will work on it .

Trade on 8th June '12

12:30  pm

First trade today morning .
My Mindset was If prices open above Pivot then I will sell on break of 5039 (p) . It broke the Pivot and After  waiting for first few minutes I saw weakness in prices so ..

Sold NF @ 4995 in the morning as
Reason 1 : prices broke first Reaction low of the day ( 5017).
Reason 2: developing Hour Low ema was at 5024 ( 9:45 AM) and price closed below that .
Showing weakness as such Hour TA was OB.


Closed the position ( 10:50 AM) with 15 points loss looking at the pattern developing which was making higher  high and higher low .
Also prices started closing above (developing 11:00 AM ) hour low ema .

unfortunately I closed my position and next second , prices start to drop.

EOD :

As I think what wrong move I made ...I think I closed my position right at Pivot point which was 5039 . I should have waited for prices to break Pivot and then close the position . Pivot acted as resistance and prices retraced from there .
Trailing the SL is very important as the market is unfolding , we saw what happened in the last hour today ..