We have a Bullish Cypher Pattern on Asianpaint. As per ideal Cypher pattern D leg should be near 0.786 of XC leg but it went deeper. Still 1155 - 1160 is a major support level for entry.
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Seems like Bullish Cypher to Bullish Shark. We will wait for entry point near 1150. Harmonic pattern is not invalid. We will have to confirm the upward reversal and it will give very good swing upwards.
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Its very tempting near 1150. I will still wait for reversal confirmation.
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It was good to wait at 1150. It went deep till 1144. I was checking daily chart and I found very interesting channel. If we are lucky it can touch around 1140, and that should be the buy signal as stop loss would be very small. I think its going to be really fast upside move and it would be better to not just do scalping I think its going to be good positional buy.
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It's been a skayfall for Asianpaint. Fortunately we have been waiting for the right reversal and it has not happened yet. Tomorrow Q2 Earnings coming out for Asianpaint lets see how it reacts. Till that time just waiting for the entry.
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Asianpaint has shown first sign of reversal. Tomorrow if the bullish move continues or today's low remains unbreached than we can initiate our trade.
Trade active
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I am taking a bit cautious move considering 2.24 BC leg retracement as the final one.
Trade closed manually
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Lets wait more
Comments
rohit.muluk
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HEY NIRAV.....PLS NAME THE PATTERN U DRAWN A DAY AGO.....
nirav5
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Its Bullish Shark. Where B is higher than A in the case of Bullish pattern and lower in the case of Bearish pattern. Generally 2 patterns can have B's higher than A. 1. Cypher 2. Shark.
Still we need to confirm tomorrow for the actual completion of D leg.
rohit.muluk
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B is higher than A............. or................... C is higher than A ?
nirav5
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Yes. C is higher than A. It was a typo.
shiv_n
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trading with dilog nice chart and nice diloges.....