gulz
Long

POTENTIAL BULLISH BAT, Long Setup

NSE:ASHOKLEY   ASHOK LEYLAND
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6
186 5
On Ashok Leyland 30min chart, we have a potential Long opportunity at the D leg completion of bullish BAT setup .
The price reversal zone is between 87 & 86.

The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.

Stop loss would be placed below X leg structure support .

Target 1 - 89.4
Target 2 - 90.9

(When looking to take targets on the bullish Bat Setup the first step is to use your Fibonacci retracement tool. With your Fibonacci retracement tool draw from the A to D leg, you are looking for target 1 at the 38.20% and target 2 at the 61.80%.

To protect the profits you have accumulated at target 1 it is advised you move your stop loss to breakeven once the 38.20% target 1 has been attained, thus giving you a risk free trade to target 2. )

Trade with Care
Gulz.
Mar 23
Trade active: Price already hit PRZ, price action is good so far. Long entry suggested inside PRZ
Mar 23
Trade active: Crossed 88 & heading towards first target
Mar 27
Trade closed: stop reached
Mar 27
Comment: Watching the price action @ 1.13XA ( experimental purpose)
Mar 28
Comment: it makes more sense
How does the fact that the low was breached prior to D affect the set up?
Reply
gulz razultull
@razultull, question not clear, could you please elaborate ?
Reply
@gulz, Sorry, on the 22nd of March in the 30 min chart above, we see a low created which is lower than your D. This is tolerable for a bullish bat?
Reply
gulz razultull
@razultull, I haven't noticed this - normally i don't enter in such cases.
if i already entered before this move happened, i would keep a stop 1.13XA ( as we discussed earlier).
so if this flash moves below 1.13XA, i will be out from the trade with loss .
Reply
@gulz, Ok thanks, understood :)
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