Today's up close on the Index has reversed the present bearish market into a bullish one. While the market is in trend, trading the slope of the EMA is the rule. Hence, short positions on the Daily charts shall be reversed above today's high of 5097.50. 5100 stands a good resistance on the move up, market moving above this resistance is crucial for the continuation of bullishness. Weekly chart too turns bullish with the breach of previous weeks high of 5077.25 today. With both hourly and weekly in the bullish side, it is natural for the Daily to follow.
The last hour gains on the Index turned the Hourly chart into uptick again. Now we will wait for next down tick to exit our new swing long position, while our trend long is doing fantastic with a peak gain of 186 points. Though this is not actual booked profit, EMA at 5015 gives support and also locks above 100 points gains in the trending long position. Hold on to long trades until there is a reversal.
Dear Ramesh, I have just started following your traderji link as miscos. As I am trying to learn TA, I shall be grateful to know your system. I believe that your are following hourly and daily HEMA, LEMA and EMA i addition to some indicators and other analysis. I need to sharpen my skill in interpreting EMA and closing. I shall be grateful, if you could explain how to look at the price action and how do derive action plan by interpreting the same, both as a swing trade and positional trade point of view. Thank you. Sukanta Mishra, Goa
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