Sir says ,
During an uptrend , gap downs are good points to enter longs , this is not a rule but a guideline and how true it held today ,
ORB helps in this method .
We are trending up and there was gap down till close ema or low ema , which could have used to enter long .
ORB broke upside , and that is a good confirmation for the trade to be taken at 5348.
I was also looking at 123 pattern , and it did give a long signal at 5354 around 11:20 in the morning , which was good too .
All in all Presently we are Trending up in all TFs we have closed above high emas in all TFs .
BUT , a correction is on cards EW indicates so am keeping the fibb retracemnts of move 5216-5393 handy incase it comes.
Cheers !
During an uptrend , gap downs are good points to enter longs , this is not a rule but a guideline and how true it held today ,
ORB helps in this method .
We are trending up and there was gap down till close ema or low ema , which could have used to enter long .
ORB broke upside , and that is a good confirmation for the trade to be taken at 5348.
I was also looking at 123 pattern , and it did give a long signal at 5354 around 11:20 in the morning , which was good too .
My eyes are seeing a -ve divergence developing in hour charts , One has to watch of any negation ...
On Day charts we have a nice bullish candle today.so -ve divergence on hour charts may very well be nagated next trading session.
Slow macd on day charts has turned up just above zero , and has crossed the signal line , giving indications of more upside .
anything above 5402 is More Strength as 5402 is 80% of Last fall from 5448-5216
BUT , a correction is on cards EW indicates so am keeping the fibb retracemnts of move 5216-5393 handy incase it comes.
Cheers !
