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 ..