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.



Monday 25 June 2012

EOD 25th June

Day close 5115

How does one decide the trend is going on up or down ?
Momentum Indicators tell us that by closing above or below the 5 ema of that TimeFrame.

So looking at the ema s to gauge the momentum we find the

Day Trend turns down yet again , by closing below 5 day ema ( 5125) .
with Hour trend turning down with 3:00 close and by EOD we also have 5 ema crossing below 10 ema.

hour low ema at 5132 we have closed well below that now next thing to look for is day low ema poised at 5089 , we may see again a range bound day if we take support at this low ema Or see trending move down if we break this lvl.

This zone 5085-5100 acted as a strong support in recent times and is to be watched anything below 5085 would be favoring shorts .

Divergence :

Day chart indicators are showing -ve divergence with 9 rsi and fast macd .


Indicators :
HOur chart SS turns down from OB and breaks the LTL.

All the above says more down move , this downmove can take support at previous support 5085-5105 .
If we break this support then more downside  .





Intraday 25th June

Opening at 5159.

which is more than Previous day high and also more than Previous day close .
We also opened above HHema ...Clearly bias for the day +ve .

At 10:00 we maintained Day open as Day low  ...so break of ORB (  5159-5185) to  upside , should be indication of Long and less risky trade with day Low as SL.
Contradiction to this is to keep in mind the BIg picture , where in day charts 5190 is important number being recent swing High and channel top on hour charts .

that has been acting as stiff resistance till  now .
Along with this I see -ve  divergence in intraday charts ..which is holding me back to take long calls.

 1;30
Prices taking support at yesterday's high ...I feel its a good place to go long . There my SL pops below day low 5159.