A Bearish Bat in BF Utilities

Notes on the chart.
Always follow your trade management rules before trading my ideas.

Trade safe, stay healthy.
Do hit the like button for better ideas in future.

Comment: Some traders doubt that its not a good idea to short a stock in equity segment. I would say that its all personal preference.

In this particular trade the idea would be to look for a sell setup in the PRZ and go short. If first target is achieved early on the same day, 2/3rd of the position will be closed and the remaining 1/3rd would be kept with a stop below breakeven. Position will be closed before 3:30 pm (If first target is done in the late session whole position will be closed).

Next day if price opens above from where I closed my 1/3rd trade, I ll continue with the 1/3rd position again with previous day stop.

If the stock starts consolidating near the PRZ, I ll have to reconsider the plan. For risk management, I just mentioned the stop.
Comment: Setup negated. Price shooted up the resistance zone.


What's the average success rate of harmonic patterns? I've seldom seen it going wrong
Bravetotrade mackanshunegi
@mackanshunegi, You answered your question but the pattern can go wrong. Sometimes prices pierces the PRZ before reversing and some times it overshoots the PRZ resulting in continuation of uptrend. Yes, the patterns are useful in predicting short term tops but nothing is perfect.

Some traders on claim to have 80% success rate with these patterns, but if u ask me, it all depends on where the pattern is formed. The patterns would result in a higher success rate if PRZ is near an important S/R level.

By the way, counter trend ideas are not easy to digest.
+1 Reply
first of all intraday trades are not certain and ur trade is intraday only as its a cash stock and u r suggesting short so ultimately shorts can be hold only for intraday
Bravetotrade thoughtfullinvestor
@thoughtfullinvestor, true, that's why I always say that trade my idea only if it suits your trade management rules.

But intra day trades if taken correctly may give handsome return, for instance, see my post on UBL.
@Bravetotrade, one out of 10 is obviously possible bro and u cant rely on intraday what if u bought and its in between buy price and sl price in intraday . same with shorting u shorted and price at 3.28 is at between ur sl and trade price . in that case ur trade is not wrong but any trade management u r in u wil be wrong
Bravetotrade thoughtfullinvestor
@thoughtfullinvestor, in that case it's better u trade a plan which suits you and makes profit for u.
Bravetotrade thoughtfullinvestor
@thoughtfullinvestor, for intra day trades u should know that it's better to take advantage of momentum. The momentum simply provides 60% advantage of a whole move.
Firstly, it's the patience which can provide a useful opportunity to initiate a trade, and secondly it's the exit strategy at levels which makes the day.
It's not necessary to keep a trade till EOD, just follow the price action.
@Bravetotrade, intraday is like 20-20 , its fun ..
but a player actual skill is tested in test( say it positional or long term), i prefer big risk reward rather than fun.
Bravetotrade thoughtfullinvestor
@thoughtfullinvestor, yeah it's one's own style. But some traders divide their funds into investment; swing trades; and intra day. By doing so they treat their skills as well as have fun.
By the way intra day is not fun. It always keeps the trader on toes. I think it's the most difficult type of trading out of the three mentioned above. One needs real skills for this type.
@Bravetotrade, intraday is like timing market and i beleive no one can do it, anyway bro everyone has their own belief system and i believe success is in positional or investing. happy trading
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