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k314
Jul 21, 2017 3:38 AM

ITC parallel channel - buy setup Long

NSE:ITC1D
ITC LTDNSE

Description

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Looking forward for buying on channel bottom after bounce.

PS: Wait for the bounce confirmation. So keep watching!

Comment

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Keep watching ITC to know what happens at the channel bottom... Buy on bounce recommended.

Comment

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ITC approaching the channel bottom

Comment

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ITC at the channel bottom as expected. Will wait and watch for now

Comment

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The green box is holding ITC so far.
Is ITC going to re-enter the channel?
Lets wait and watch!

Trade active

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Candle is sustaining within the channel bottom

Comment

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Comment

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So far price holding within the green box.

Comment

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Price closed above 200 SMA and currently its acting as support

Trade closed manually

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Trend AnalysisTechnical IndicatorsParallel ChannelITCLONGlongsetup
Comments
Parasuram
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Will you also look for buying above the lower channel upper boundary of 294?
k314
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@Parasuram, No sir. I am looking forward to buying after a bounce at the bigger channel bottom. I have marked it with green box.
Any suggestions and constructive criticism on how to make it better is most welcome :)
k314
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@Parasuram The only intention of doing that is to minimize my risk to suit my risk appetite.
Parasuram
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@trex88, but the stop is quite far away! would u advice buying on a reversal signal or pick it up at the lowest price possible?
k314
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@Parasuram, Absolutely buying after the bounce (a possible reversal signal) and not at the price touching channel bottom.
Whats your suggestion to make it better?
Parasuram
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@trex88, Perfect! I think one has to see bottom formation... whether the volumes are going up on accumulation....But interesting chart... Cheers to you! keep it going....
k314
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@Parasuram, Sure sir will observe it! Thank you
k314
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@Parasuram, Sure sir, will observe it. Thank you
Parasuram
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@trex88, please post when the trade is active or levels before
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