April 7, 2011

  • SPY 5 Minutes chart is showing a triangle formation.
  • Breakout or breakdown should take out levels mentioned in the chart for bigger movements to happen.
  • Breakdown level is 132.67 and resistance level is at 133.63
  • ES Hour chart with 200 Hour moving average.
  • Dip in price took support exactly at 200 Hour moving average.
  • So Bears must break this moving average on closing basis for changing the trend.
  • Google daily chart with 50 and 200 day moving averages. Price seems to be moving withing these two moving averages. So a bigger move will happen once this range gets broken.
  • Next daily chart shows a descending triangle kind of pattern. One should look for a breakout from this pattern and confirm it with a break above 50 or below 200 to enter a positional trade.
  • Today is the first birthday for my Blog: CLICK HERE TO SEE THE BIRTHDAY POST
  • ES Hour chart is moving in a sideways channel.
  • Price in hour chart is still above 200 Hour moving average which favors bulls.
  • Today is the Birthday of my blog: CLICK HERE TO SEE THE BIRTHDAY POST
  • I started this blog on April 7 2010 (MY FIRST POST). 
  • I was a frequent visitor to JUST NIFTY and liked Masters Dedication and Knowledge of the Market which inspired me to start my blog.
  • I have to Thank Ilango Sir for being the first one to comment on my blog, Which inspired me then to continue, and sometimes when my traffic goes down i use to visit my first post which gives me strength to go on. Thank you sir.
  • Thanks to all JN Friends for the support. 
  • Thanks to all my Blog partners. Special thanks to Tim Knight of Slope of Hope and Red Drago Leo.
  • 5870 Looks like an important level for bulls and bears.


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My Favourite Quote

"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore