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 16 August 2012

EOD 16th august 2012

Close 5363

HHema 5376
5Hema 5367
Hlema 5360.

Hour trend is down

DHema 5366
5Dema 5348
Dlema 5322.

Day trend is UP...
We have closed below day high ema , suggesting correction may continue till 5348 , anything more would be weakness,

For looking to take a long : prices should not fall beyond 5360-20 = 5340 lvls,  I will watch for prices to close above 5367.

For shorts , If prices close below 5Dema ( 5348) and they might continue to correct further till DLema.


-ve divergence persisting in both hour charts and day charts . ( shows bearish possibility)



Channels ;

While the hour channel was broken , day channel holds .( shows bullish possibility)

Either day channel gets broken or the divergence negates .

Tomorow being friday , week trend should be taken into consideration which is clearly Up presently. 5319 being WHema.