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.



Friday 28 September 2012

1/10/2012

Price wise , unless we close first below 5699 ( HLema ) , no momentum in hour trend which is down presently .

Day trend is up with momentum with a close above 5696( DHema ).

Week Trend stays up and so is the month .

Shorts only when , we close below the hour low ema with a 5-10 -ve crossover . Hour charts showing -ve divergence with peaks 5720 and 5735.
confirmation comes with a close below 5565 is Day ema , weakness only below this .

EW wise , I feel we have done 5 waves at 5720 and are in an irregular correction presently , with 'b' shooting over 5 today at 5735. We will see a 'c' wave if we are in irregular flat from 5720 , which should take us below 5638 . Indication of this possibility will come , with weakness in price as stated above.

Divergence : Hour charts showing -ve divergence with peaks 5720 and 5735.

Indicators :

macd ( 34 5 5) on hour TF has given a sell today . Candle pattern wise , there  is a stooting star today .

Indicators , EW , Candle pattern , developing -ve divergence on hour charts.showing bearish possibility  , But the prices are firm and are not showing any weakness in Day TF , Though they are down in hour TF , but are closing above Hour low ema . The min requirement is to close below the HLema which is presently at 5699.