The stock has formed the Rectangle, gave breakout but instead of moving in the breakout direction or retesting the neckline it is trading below it. Trade mates can take advantage of this failed pattern setup. It may touch the lower side and even further low in due course. Disclaimer : All ideas and comments are my personnel view. Please take financial consultancy for trading decision.
@MuthiahM, Thank you Sir. In my limited experience failed patterns work mostly and importantly quickly.
MuthiahM
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@Praveen.bhatiya, hmm... nice info. something for me to dig deep on this weekend. :-) Happy weekend.
praveen.bhatiya
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@MuthiahM, If you would like to share the outcome of your research on the concept of failed pattern I would be thankful and looking forward to it, Thanks
MuthiahM
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@Praveen.bhatiya, Sorry Praveen, didnt work on that. I spent most of the time in fixing a few of my predictive engines which created a few failure calls last week.
praveen2789
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after 236 it will be a jackpot..
praveen.bhatiya
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@praveen2789, Even now it is in good profit as my entry was good on retest of upper channel :)
praveen2789
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@Praveen.bhatiya, yeah i know same thing happened with apollo type today too have a look.
praveen2789
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@praveen2789, finding a pattern is a lottery if it works it works if it break it becomes a jackpot in minutes.
praveen.bhatiya
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@praveen2789, Sir as you have mentioned to give advise I dare to give my views : Lottery and Jackpot tends to bring into speculation and are harmful for a trader. Small consistent profit works much better in long term. You can observe in all my posts I look for small profits.