ITC - Sell The Channel Top @ 176-177 for 170/165/161/157/150

Disclaimer
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All investments involve risk, and the past performance of a security, industry, sector, market, financial product, trading strategy, or individual’s trading does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs.

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Status Update (TradingView)

10:02 Hrs / 20th May 2020 - Stock:ITC -
As suggested in Video Idea -Tata Steel- ITC is at channel top @ 176.65/177 -Holding below 177 - ITC may slip to 170/165/161/157/150 & lower

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Trading Strategy


Holding strictly below 176-177 zone - expect stock to slip to 170-172 zone / Below 170 for 165 / 161/ 157-158 zone / Below 157 for 150

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Previous Ideas


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23rd April 2020 Video Idea

03:04

30th April 2020 Idea

4th May 2020 Video Idea

10:13

11th May 2020 Idea

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Thanks for watching the video & your precious time.

Trade active:

11:11 Hrs / 21st May 2020

Last Price @ 177.50

Traders -------Kindly Don't trade above 177 as it was suggested in the idea because 177-178 is the tricky zone

It started with a small to 172.50 close to 170-172 zone as suggested in the trading strategy

Before trading- You should manage & learn how to have proper risk management so that you can limit your losses.

Smart Trader would have booked profit close to 170-172 zone as next selling had to start below the crucial zone.

Comment:

11:53 Hrs / 21st May 2020

Last Price @ 178

As suggested - have patience & allow the pattern to breathe - 177 to 178 is very tricky zone - Sell only below 177 - careful of not trading if falls & bounces above 177 back
In any situation just keep in mind 177 is the ruin point - (Ruin means - where I would not trade come what's so ever may happen)

Trade active:

12:20 Hrs / 21st May 2020

Last price @ 181.10

As we were supposed to trade sell strictly below 177. Wanted to put another comment which may be sad news for participants who has cash stock.

The Fall which started from 194 highs is trending & impulsive in nature so I am sure this is going deep even below 135 in days to come.

So, Traders if they want they can look for 184-185 zone as a resistance zone for next selling start later or sell below 177

I shall update in new idea when selling resumes from key zone 184-185 or below 177
Thanks

Trade active:

12:53 Hrs / 21st May 2020

Last price @ 181.20

I am not happy with few followers as even suggesting severe time that you should not trade above 177 - never ever do that as you are trying fight against the market which is not the correct strategy.

So, The channel has been broken on upside going above 177 suggesting that this fall which could happen next when supported by Benchmark Index -Nifty / Bank Nifty in the next few days

We are getting ready for another fall once it starts close from 184-185 or going below 180

We have a bearish butterfly pattern ( again this pattern is tricky- remember Nifty -Selling the channel tops at 9850 had bearish deep crab)

Problem with Bearish Butterfly is D point Range is big enough 127% -162% of XA leg extended upside

Nifty Fall from 9850 to 8900 as suggested sell in the last idea - "Selling The Channel tops" had Bearish Deep Crab which turned from 362% maximum extension upside in the pattern.

So, You should be careful & plan your trades using strict risk management rules.

Strictly avoid --------------Trading Sell if crosses above 185 levels.

Bearish Butterfly Next

Trade closed manually:

13:55 Hrs / 21st May 2020

Last price @ 186.80

This Idea is not valid above 185 ---------- Kindly do not trade as suggested while updating

Comment:

14:06 Hrs / 21st May 2020

How Many of You Read The Comment @ 12:53 Hrs -21st May 2020

I Have clearly suggested -------Like Deep Crab Patter shown n Nifty ----------Butterfly Patterns are also tricky as Upper Range is 162% Extension for XA leg ???

Comment:

14:50 Hrs / 21st May 2020

Last price @ 187

I shall not be updating this stock any further. Kindly manage risk at your end if you take any trade.
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Note-

Kindly do not trade this pattern as risk is big on upside & only for high-risk traders
Moving above 190 ------- It becomes bullish for new highs on the upside.
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As suggested -----------------45 mins back ----------------- Bearish Butterfly has an upper extension which is 162%

Here is the snapshot

Comment:

15:01 Hrs / 21st May 2020

Last Price @ 187.60

Not for Safe Traders ------------------Only for High-Risk Takers --------------If at all slip happens downside going below 185 / 177 ------ we have a final target of 125-127 which comes below 135

Please read all the comments to connect properly & understand the strategy involved.
Thanks & have a good day.

Comment:

15:20 Hrs / 21st May 2020

Last price @ 189.50-----------------------Kindly read all the comments to connect yourself. Thanks

Reached ----------------------190 --------------