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.



Tuesday 9 October 2012

EOD 9th Oct. Indecision !!

EW on hour TF .Looks like in a falt correction 3 3 5 because we see 3 waves down from 5815 high  , from 5815 off which "a" done at 5666 now "b" is on . This count gets invalidated if we break 5666.
 Candl
 

 On hour TF we have closed right at 5Hema  (5705), below HHema (5714)and above HLema(5695) . Same in Day TF
Closing is below 5 Dema (5712) , trend is down  but as the closing is above DLema(5687) , the downward momentum is not present.

I think any move beyond 5715 and closing above it may indicate that we are in B.c of Flat to lvls close to 5815 ...
and Breaking of yesterday's low at 5666 , would indicate that more lows .


Candle stick pattern :
We may call this a Spinning top which along with yesterday's candle makes a " Bearish Hamrami"
Spinning top indicates indecision .