Nifty's Daily Page: 14-08-2012

What's the purpose of this Daily page?
As I donot favour intra-day trades so the purpose is definitely not to find intra-day trading opportunities.Also as the smallest degree of waves are the foxiest so trying to find trading opportunity in them can be exciting but not fruitful.
Being a swing trader I look mainly at hour charts and my trades are based on Hour charts but I view 5 min charts to fine-tune my entries.
Currently my Channel,ema,RSI & MACD are being seen through following chart:

And I supplement the above chart with my EW labels:

And when these tools synchronize,I get a perfect trade. But whenever I lay over-emphasis on one (undermining the importance of others) I feel like a batsman who has mistimed his stroke.
And this market is a master bowler, it will lead the batsman either to play his shot early or give him a feeling---O' I am late now.There goes a saying --"Better late than be sorry"-- but I have noticed it with myself (and so "it" must be happening with others), once a feeling of "O' I am late" comes in mind, I donot enter in that trade and decide to wait for the next opportunity. And as the wait gets longer(which invariably does),one jumps in without waiting for all the indicaters/tools getting in sync.
And thats what the market wanted----
Add to it your trading instrument---if it happens to be an option(which a retail trader mostly buys)-- "gayee bhains paani mein"---- a mistimed (early)entry and a (bought)option in hand is the worst thing that happens to a trader--- and it keeps happening, again---and again---and again----

As I metioned earlier, this market is an expert bowler and,therefore, mistimed entries are unavoidable ---howsoever old or seasoned player(trader) you may be. But if your trading instrument is Futurz and you have not overleveraged, you will win.

In my Nifty page, through my charts, I would present the scenario as I see,with an occasional explanation thrown in. And then at EOD, I would come up to discuss in detail. 
Intraday updates would be few ---

This C3.1 is seen by me as follows:

And the 5v can play out as a 5w Impulse or diagonal:

While a tentative top can be located through:

following chart can be a useful guide for intra-day moves:

For those who find my charts difficult to decipher and need more clues to understand charts, my email box is always open.Comments section here is closed.

Best of luck for your trades !!!

EOD:
Lets first have a look at the TL mentioned by me in Premarket hours

Now lets look at the form taken by the upmove.
Out of the two options mentioned in the morning,5v seems to have followed the Diagonal Form:
Pre-market:

Post market:

And negative-divergence in RSI ?:
In 5 min charts:

15 min

30 min

Thus neg divergence apparent in 5 min & 15 min charts was not seen in 30 min charts,though it went into overbot zone.


Going by the trendline test and EW labels-- Diagonal with sw5>sw3>sw1--I went short in Nifty.
Lets see how it takes shape on Thursday morning.