aks85

Engineers India- Symmetrical Triangle Formation- Potential Buy

Long
BSE:ENGINERSIN   ENGINEERS INDIA LTD
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2
As seen Price has been contracting in narrow range making lower highs and higher lows in the daily chart . A breakout on the upside with volumes would resume the trend in the upward direction to 315-320 levels. Stop Loss- 247.
Trade active: Aggressive trader would have entered the trade on 24 Oct around 275.5. Conservative traders can enter now as the breakout got retested.
Comment: A close below 247, exit position.

Comments

it is not a triangle
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aks85 dr_professor_nifty
@dr_professor_nifty, your suggestions are always welcome. Please can you give a reasoning also as it will help me and others in learning and understanding patterns in depth . Thanks
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@aks85, mistake in triangle counting,where is 5
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dr_professor_nifty dr_professor_nifty
@dr_professor_nifty, and pole is the wave 1
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dr_professor_nifty dr_professor_nifty
@dr_professor_nifty, and not joine 2 and 4 lows
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dr_professor_nifty dr_professor_nifty
@dr_professor_nifty, and i also do same type of mistake,thank you
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aks85 dr_professor_nifty
@dr_professor_nifty, When I uploaded the chart it was about to give a breakout and had to be kept in the watchlist and had updated it when it gave a breakout on 24th oct which was showing earlier but is not showing now which was Point 5 (because of the split there is some problem with the price plotted on chart). Pole is wave 1 which is absolutely correct. As to lows of points 2 and 4 not joining,I could have done that by properly drawing the trendline.
In my opinion it is a perfect triangle as it is contracting in a range forming lower highs and higher lows that too with diminishing volumes which I think are the criteria for a symmetrical triangle. Thanks.
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