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.



Sunday 24 June 2012

Keeping it simple.

Last close 5146 .

clearly month , week , day , hour trend is up.

Day TF says
5152 is Day high ema , which may act as resistance and if price s cross this and trade above it , then will act as support and will be a good zone to go long as Day trend is up as we are closing above 5 Day ema .


Hour TF says ,

Also we closed  just below the hour high ema , and if Prices resist here at 5148 lvls then we may again see a range bound day . Between high and low ema of this HOur TF


So depending upon where the prices are opening , one can gauge , if it will be a trending day ( we open above hour high , and day high bias of day will be positive and if we maintain that as the low of the day or take support in the zone 5140-5160) .
Or we are for a range bound day if we open below the zone and maintain that as high of day .

anyhow 5140-5160 is the zone , and prices opening above or below it will give further cues.

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Over the weekend , I was looking at day charts , and observed that days when Day open is either the high of day or low of day ...those days chances of successful trade is high on  orb break .
Like if Day open = Day high ( ORB high), and ORb breaks the low then " shorts" are more likely to survive and vice versa.
I don't know if this really works , I would like to watch this over next weeks to come to see if this works .

I truly feel that looking at old charts and then thinking I can figure out where to go long and short and all this is easy , but when  Live market is unfolding it is altogether a different story .

All the best to all of you out there , who want to make it "Small" here :) like me.