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.
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Divergence ttps://in.tradingview.com/x/TRCQx7V5/
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Daily & Weekly trend lines (detailed view).
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Price approaching to PRZ
Trade active
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Trade active
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Price respecting the resistance trend line - Good going
Isn't the PRZ near a breakout area? How does this impact our SL/ability to take a short position?
gulz
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@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.