This is one of those charts loaded with most of things we use. Just take a look above on Cholafin chart, You can see
*Double Top on Hourly & 4 Hour + *Potential Harmonic Pattern + *Strong 4 Hour Resistance zone + * Triangle Pattern ( probably yet to complete fully) with expected breakout to downside as we have resistance above.
i ) I feel price will get back into triangle for time being then downside but anyway marked both moves on chart. ii) Only aggressive traders can take this breakout which happened now, others lets wait for the triangle to complete or Retest of triangle lower trendline then down !!!) Aim for 1090's-95's as Target zone iv) On valid trade setups, you can trade internal swings of triangle for Intraday
So All this will make it winning trade ??? I repeat, it increases our confidence & gives out probable Direction, No assurance to be winner.
@Einstein15, Batman, You nail it everytime, I wanted to do this but didn't bcos not to confuse.... You Hit where I skip, Awesome Man :)
ravihls
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Sir, Tested 1150 levels almost 5 times, lets see this time will it succeeds or not ? for me it move back in to triangle !!!
InsiderB
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@ravihls, That scenario also will be interesting , All the Best :)
EbrahimNoorani
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@InsiderB, this time it should be long due to rsi below 30 and financial stocks have been beaten time for upmove in this series
InsiderB
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@EbrahimNoorani, I'm not in this trade yet, waiting for the price to get back into triangle & reverse, planning entry around 1125's on strong reversal confirmation. Unless it happens I won't take the trade, but the you have a valid point, Lets see what happens :)