srikartiram

BANKNIFTY | Small Cup & Handle inside the channel

Long
NSE:BANKNIFTY   NIFTY BANK
BANKNIFTY | Small Cup & Handle inside the channel - Looks good 1000+ points - Expecting the gap to be sealed

CMP : 35339
SL : 34950
Target : 36500

1:3+ risk reward setup

P.S : Vix is high, market is in consolidation mode so prefer to use spread.

Ex :
Buy 35500 CE
Sell 36500 CE (This would take care of the Time decay, Volatility crash of the option we buy so we dont lose entire premium)
Trade closed: target reached

Comments

cup & handle is a continuation pattern I guess, is it a valid Cup & handle?
+1 Reply
srikartiram Poison_1907
@Poison_1907, Its the visual you are seeing like that, it looks like bottom because i've zoomed in.

Because of the channel i drawn it may look like downtrend. Please review the attached chart.

I've taken long position end of the day based on the Channel support, Gap filling and Strength in global cues ( S&P500 and Europe)

P.S : By all this means it doesn't means i'm justifying the things. I absolutely have no sentiment or regrets when it goes in opposite direction the worst it will eat my SL and this is a hedged position so the pain is less.

I'm practicing towards risk reward my success rate would be less comparing to the other chartist here !
+1 Reply
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