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.



Wednesday 22 August 2012

EW from 5033-5433


EW folks pls write your inputs .

Trend :

Hour trend is down without momentum  .
Day trend is up with Day high ema at 5407 and a close above it at 5413.

Owing to
  • -ve divergence and
  • ew looks to have completed wave3 today at 5433 and possibility of 4th down now
 I will look for weakness to short, First indication would be a close below hour low ema ( 5407) which is also day high ema.. retracement of last rise from 5342 to 5433 comes as
 From   To   Fall/ Rise  0.236%        0.38        0.50 0.618% 0.736% 0.80%
5342 5433        (91)    5,412    5,398    5,388    5,377      5,366      5,360



                              
Day EW chart.