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 11 October 2012

EOD 11th OCt

Closed at 5708
 

 

 Clearly hour trend turns up with momentum and it issued a buy at 5696 at 2:00 , and at 3 close 5-10 +ve crossover also seen .

Channel:
There was a channel breakout as well , This was earlier in the day than the above buy signal .




Moving Average:

5Dema at 5697 , so day trend up , now to sustain this up move we need to cross 5627 ( DHema ) and close above it .
We took support at Wema at 5633 .
On day chart , 5 and 10 ema are poised for a Fast rise ,

Fibonacci Retracements:


FIBO. RETRACEMENT TABLE
 From   To   Fall/ Rise  0.236%        0.38                 0.50 0.618% 0.736% 0.80%
5815 5637       178    5,679    5,705             5,726    5,747      5,768      5,779
5637 5720        (83)    5,700    5,688             5,679    5,669      5,659      5,654
we have done 38% today and close to 50%  , Anything more than 80% at 5779 would mean more upsides .

and Falling below 5654 would mean more downside.

Chart pattern :

It was a Falling wedge , which was forming . This pattern is considered bullish and can be used for indication of a bottom formation .