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 30 August 2012

31st August 2012

EW from 5033 with Macd( 5 34 5)



For the move from 5033-5448 , We may have done 1st corrective A at 5255 today as this is a 5 wave , probability of this corrective to be ZZ is there , and now B is on which should be 3 waves in all followed by C which will be 5 waves  .Retracement for this B can be

From To Fall/ Rise 0.00236 0.38 0.5 0.00618 0.00736 0.008
5448 5255 193 5300.548 5328.34 5351.5 5374.313 5397.048 5409.4

Trade plan :

Buy as close to 5255 as possible for B wave up or If RR does not favor then , wait out and
 at  61.8% 5374 to 73.6% 5397can be a good entry for shorts with 5410 SL ( more than 80%) .All this provided 5255 is not broken .

Trend :
Close at 5315

Hour trend turns up with momentum , with a close above hour high ema 5305
Day Ema at 5331 , Day high ema at 5365 .
Weekhigh ema 5376 can act as resistance , for this upmove if it is B and As long as 5255 is not broken towards down .