praveen.bhatiya
Long

Rectangle & Action_Reaction Set

NSE:LT   LARSEN & TOUBRO
There is a nice rectangle range with multiple alternative touches on both sides, however the range is not so big to trade so I would wait for a closing above the range and trade the breakout.
Disclaimer : All ideas and comments are my personnel view. Please take financial consultancy for trading decision.
Trade active
Trade active: Continuing with trailing SL for a target of 1375.
Also, the 1320s level is the 618 FIB of the previous swing high, and a 50% of the swing higher on its left and a 236FIB of the leftmost high swing.
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@Einstein15, Thanks for your comments and adding value but I still wonder how the last swing is still valid. Can we use Fib level like this?
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Einstein15 praveen.bhatiya
@praveen.bhatiya, Last one is nothing but the FIB between the highest and lowest point of the on going move.If u go on higher timeframe , all the noise goes away. and we are left with a nice highs/lows move, that wont change on any time frame.So i like to pull a fib from the highest to the lowest so see if its following any level.


ALso i think oh it like a fly-over road system. A tier syetm in this case, ONe cant know which of the A,B,C FIBS wud stick, but it gives one a nice roadmap to where the intersections are, better where all 3 flyovers meet/cross each other, so that we can expect some reaction on the coiciding levels. LIke the B- fibs may not play that big of a role, or at all, but we cant know whch tier the BIG Whales are driving their cars, so as the not crash with them on the intersecting levels but , chnge into their lanes and follow their path.(of retracements/breakout)
Messy but....




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Einstein15 Einstein15
@Einstein15, A three*** tier system in this case*
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@Einstein15, Thanks a lot Sir.
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