This blog is my trading diary. It is an attempt to organise my analysis and thoughts. I follow the charting methods given in JUST NIFTY blog by Ilango sir and so the charts would have striking resemblance to his charts. I am indebted to Ilango sir for having made this blog possible for me.

June 8, 2012

Analysis for June 8

Intraday update 3.30 PM:



The current high of 5082 exactly meets the trendline joining from 5629, 5499, 5342 and 5279

Intradayupdate 3.00 pm:
Booked out Agressive shorts at 4990NF.


Nity reached 200 DMA and week Hema but closed below both. Upward movement would continue on a close above 5064 - 200 DMA  to reach 5170-75 levels near 100 DMA.

Hourly charts 14 RSI Fmacd charts and Day 5D and 9RSI charts show -ve divergence. Curently 200 DMA likely to act as resistance. If today's close is above 5065 then next week good upsides possibilities arises. Till then it is an aggressive sell at 5050 levels with 5065 SL on EOD basis.





0-5 Harmonic pattern:



The Bullish 5-0 starts at the 0 point, representing an extended down leg to begin the pattern at
X. The initial point X acts as the low of this prior substantial decline. After a quick reactive
bounce to the A point, the structure abruptly continues the decline, only to find support slightly
past the prior low at X. This is the failed wave 3 or wave 5 – in Elliot Wave terms – that
establishes the rest of the structure. However, the important limits from the Harmonic Trading
perspective requires that this X, A extension be at least a 1.13 but not greater than a 1.618.
After that impulsive failed wave is established, the BC leg rallies to at least a 1.618 extension
of the AB length but it does not exceed 2.24. Again, this tight range of 1.618-2.24 is a
defining element of the structure. If the 1.618 limit is not reached, the structure is not a valid
5-0.

As per the above pattern more steam is left upsides. If the 200 DMA is resisted and nifty closes EOD below the Day Hema then this pattern stand invalidated as only 113% retr is achieved upto 5052.




Developing Week levels
CLOSE
PIVOT4960
HI EMA5064
LOW EMA4850
5 EMA4980
10 EMA5042
PrevHigh5060
Prev Low4770



CHECK LIST-DAY
CLOSE50505 SMA4920
PIVOT50395EMA4962
HI EMA498410EMA4941
LOW EMA490913EMA4941
prev HI506026DEMA4978
prev LOW500820 Hr MA4963
50 DMA5093200 Hr MA4971
200 DMA5063


Trade Table:


Trade Table
Current patternX-AB(current)
0-5 pattern and Butterfly pattern (week)4804 - 50204770
Trade initiatedSL Day HEMA - 4984
Bought at 4830NF on june 4Proj for C
113.00%5052.00
161.80%5174.00
Partbooked at 5030 NF on june 6



Aggressive TradeReason for trade
Sold at 5030NF on june 6SL EOD close above 5065200 DMA and Week HEMA

Partbook at 4984 & hold if Hour Close below 4984 Else book out.




2 comments:

saravanan said...

Your search - http://tradeessentials.blogspot.in/ - did not match any items.

Try your search on Google Blog Search.

when i want to add your blog to my google reader i am not able to add your blog. pl ch , and do the needful to add google reader

thanks

satheesh said...

@ saravanan,

When I typed just "trade essentials" in Google search, my blog's link appeared in the first page. I am able to search with google. About google reader I have see if there are any settings. I shall look into it.

Thanks for your Interest and concern.

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