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 14 June 2012

obervations for 15th june

Hour TA remained down for the whole day and spread accross on Day TA , as prices closed below 5 Dema making the hour and day trend down now .

we have closed below pivot (5077) as well.

On hour chart we are at channel bottom , breaking this bottom trendline leads to more downside and a bounce is also possible ( for that price will start to close above hour low ema ) For now  prices closing below hour low ema and also below 5 day ema / and 5DHema shows weakness.
On day chart , its evening star pattern indicating bearishness.
Technicals show weakness all over .

retracement of 4770-5144 are


 From   To   Fall/ Rise  0.236%        0.38        0.50 0.618% 0.736% 0.80%
4770 5144      (374)    5,056
Done 
   5,002    4,957    4,913      4,869      4,845
                                               

14th June 10:00 close

1st hour candle Open and low the same at 5105

We close above hourLema (5108) at 10.00 Inference , nifty may move to close ema and then hema as well .
Also closed above Dhema (5109)
Orb was 5127-5105  : which is not broken yet .

Inference : Can not short at present