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 13 September 2012

14/9/2012

First thing that comes to my mind is ,

Did we do a double top today at 5448 ?

Closed below HHema , with Hour TA in OB zone . indicates a pause for sure , will it get converted into correction ?? We will know if we get a close below 5Ema on hour TF ( 5433) and then a close below HLema ( 5426) .

Hour charts are showing weakness , MACD ( 34 5 5) has triggered a sell . also slow macd and fast macd presently below the trigger line .
But on hour charts SS is still above 80 mark . This has to come down that lvl if any downmove

50 MA has given a bullish cross on hour charts with 100 and 200 MA .

On day charts we have a Doji right on the blue TL , indicating indicision ...But weakness on day charts only with a close below 5401 DHema .IF we close above this blue TL then next resistance would be the Red TL and also the possibility of being in 'e'.


 
Day charts are developing a divergence as seen below,
 
 
 
 
All in all , Hour charts showing weakness but no weakness in day charts . Giving importance to higher TF untill we close below Hour low ema or Day high ema , we are still going UP.
 
Important announcements tonight , I am biased towards a bearish view.