gulz

POTENTIAL BEARISH BAT (SHORT SETUP) ON JET AIRWAYS, DAILY CHART

Short
NSE:JETAIRWAYS   JET AIRWAYS INDIA
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5
On JET Airways daily chart , we have a potential Short opportunity at the D leg completion of bearish BAT setup .
The price reversal zone is between 534 & 562

The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.

Stop loss would be placed above X leg structure support .

Target 1 - 459
Target 2 - 413

(When looking to take targets on the bullish Bat Setup the first step is to use your Fibonacci retracement tool. With your Fibonacci retracement tool draw from the A to D leg, you are looking for target 1 at the 38.20% and target 2 at the 61.80%. )

To protect the profits you have accumulated at target 1 it is advised you move your stop loss to breakeven once the 38.20% target 1 has been attained, thus giving you a risk free trade to target 2.

Trade with Care
Gulz.
Comment: Divergence
/x/TRCQx7V5/#
Comment: Daily & Weekly trend lines (detailed view).
Comment: Price approaching to PRZ
Trade active
Trade active: Price respecting the resistance trend line - Good going

Comments

Isn't the PRZ near a breakout area? How does this impact our SL/ability to take a short position?
Reply
gulz razultull
@razultull, Position will be taken only after checking the price action while the price hits PRZ , i have updated detailed view with the help of daily & weekly trend lines.
if price action not good and setup fails, upward trend will continue & we can join with the trend.
note : breakout will be confirmed only if the price break the PRZ ( not only the trend line) -- i.e Harmonic pattern will be used to identify false breakout.
Reply
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