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 14 August 2012

EOD 14thAugust2012


EOD 14th August

First thing I notice is the  -ve divergence in hour and day charts ...
Day chart .

 Hour Chart .

Close Price :5380.35
With this
Hour trend is Up , Day Trend is Up with momentum
HHema ( 5378)
DHema ( 5354)

One should wait for the -ve divergence to play out , as we closed above high emas.
Hour Channels

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Intraday 14-8-12
from 5294 looks like 5 wave up .
w1 5294-5330=36
w2 as flat
a 5330-5311=19
b 5311-5330=19
c 5330-5309=21
w3 =47
i 5309-5326=17
ii 5326-5316=10
iii 5316-5352=36
iv 5352-5337=15

v 5337-5356=19
w4
5356-5330=26
w5 is on
5330-5387=57

Looks like w5 is done at 5387 and now retracement of move from 5294-5387 is on Provided 5387 is not broken .