EOD 10th July

We started with a positive note today morning with open above yesterday's close .
At 10 :00 with a close above HHema , it indicated momentum is Up in hour TF . At 12:00 With a break of yesterday's high and 5 - 10 hr ema cross over  , buy signal generated for the day. Which gave good returns.

Channel is intact as seen in the day and hour charts below

EOD 9th July

We opened below the TL mentioned in last post and also yesterday's low making the bias for the day -ve. Making a dip to Blk TL possible as  mentioned in yesterday's post  .

.Also at 10:00 hour TA was poised as

Here 5 - 10 Cross over happned along with a close below hour low ema . Increasing the Possibilities of prices going down .

Now with todays close weakness in hour TF has spread over to Day TF with a close below 5  Day ema  . 5261 is day low ema which was support today , if we break this then Downward momentum will pick ...and we may see prices touching the Lower red TL as seen in te hour chart.

In very simple way ,
If we open above the blk TL seen in the hour chart , bias will be UP and if we open below it or break it then bias will be down probably to touch  red TL.
Presently HOur TA down and momentum missing , Day TA turned down but momentum missing .

Observations for 9th July 2012

EOD chart till 7th July

EOD 5th July 2012

Chart Pattern :

We have a Bullish Engulfing today in day charts . With that I also see that we have not yet broken out of the upper trendline as seen in the chart below

Trading 5th July 2012

At 9:45 AM ,

We opened close to previous day close and
ORB says 5289-5302.

Also developing hour hour low ema is at 5289 .
30 min ema is also at 5287.

Support for the day lies at 5287 lvls and if we break this , then shorts can be taken with day high as SL.

Yesterdays high is 5307 breaking this lvl would suggest some upside so Longs can be taken with day low as SL .

Drawing TLs on different TFs and using that as trailing SL helps


P.S.I am not trading today , due to some personal work  .

Intraday 3rd July 2012

Presently we are trading with in the red channel on hour charts . The top of the channel acting as resisting TL .

Intraday day nifty spot charts looks weak as it is trading in a down channel since morning .

5287 NS holding as support .


Today morning when nifty made a lower high at 5311 and started going further down  ..I drew a trendline from the tops 5317 and 5311 . Took a short position keeping the TL as guide . Came out of the trade as my trailing SL hit.

2nd July 2012

Spent my weekend reading " The  complete guide to Day trading " by Markus Heitkoetter .
After I finished  reading one thing that I can't seem to forget is " A monkey can enter a trade , but money is made ( and Lost) when a Trader exits the trade " .

It seems all these books are written just for me .

Before one starts to trade one has to know
First and foremost is to determine the Trend . When the trend is Up , avoid selling and vise versa.
Make small but consistant profits .
One HAS to close the trade if either Target Hits or SL hits. NO staying on for a bit longer.
Discipline and Patience is the KEY to success.
Keep your trading as simple as possible .

having said that lets get to the charts ....
Following is the day chart with trendlines drawn from recent low of 4770

Today whole day , we traded in a very narrow range .
Moving averages were telling one story and EW was telling another .
different methods were not complimenting but contradicting each other so stayed away and was just watching the screen and where prices are going ..

There was this point for short trade when nifty touched day high was not able to sustain , unfortunately it came during my break from terminal between 12:45 to 1:15 .
Did take a short trade and made some tiny points , which did not stay with me for long as I shorted again when it broke the low and came out with a min loss as it broke the channel I drew touching the highs today.

Tomorow is a holiday for me , see you all on Friday.

Trading 27th June 2012

I updated the EW counts page yesterday ...Kindly check that for todays trading lvls .

http://mytradingfile.blogspot.in/p/ew-20th-june-2012.html

EOD 26th June 2012

Still in range . 5090-5100 is very strong support. We may go up from here to the channel top as long as 5090-5100 is not broken.