Personally I am not a big fan of patterns and neither trend lines, still I might use trend lines for reference and better view. But we can see similar and perfect patterns in many stocks, you open any chart and boom you will find this pattern. I do not trade based on any pattern or indicators, but since I can see this pattern, so I just drew it over here. But even without pattern we can see its bullish momentum.
Any why so many patterns are working so fine? Because many scrips and market is extremely bullish. It has become so easy to find such patterns and almost all are working fine. The main task is for perfect entry. Once most of the stocks hits their pattern target. Then you might not see such pattern often. And you will soon see failing and imperfect patterns, till then enjoy and happy trading.
Personally my entry would have been near 470, but I analyzed this chart today and this doesn't fall in my setup. Anyway, you can find your entry and exit in this scrip as per your setup.
You can see my other ideas for many such simple analysis and highly accurate setups with amazing R:R.
if not pattern then how to decide when to enter & exit, can you please tell me, I want to learn
yogi_sharma_elliottician
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@SonuJha, entry and exit should be based on risk management and individual's trading setup/plan. As per many famous textbooks and youtubers/coaches, the entry is after breakout and SL at low of the swing/pattern, which is not practical. You would be risking to high for derivative segment. For example, if you enter after breakout and place SL below right shoulder, you would be risking 65-70k per lot of futures, and even if you place SL at recent swing you would be still risking 35-40k per lot. Entry and exit are subjective. Hence, I don't often mention SL on my ideas, but you are free to inbox me for more info.
I want to learn