Scenario - 1 (Ending Diagonal) Trade Setup technique(live)...
Before getting started for high opportunity Trade Setup. Let's understand the about Diagonal.
What is exactly Diagonal: It is a five-wave overlapping structure, wherein each wave subdivides into three smaller waves. It is typically an ending or terminating wave pattern and is found in the fifth wave position on an impulse wave and the wave C position of A-B-C formations. A Diagonal Triangle is normally contained by two converging trend-lines. A Diagonal Triangle is normally contained by two converging
trend lines.
Rules of Diagonal:
This is earlier considered Ending-Diagonal for multiple reasons. One of the reasons is, we will get higher reward than risk in short side. Let's assume that wave B of (iii) of diagonal end 17269 nearby and then target is has high reward for wave C of (iii)wave.
Calculation:
17490-17269 = Risk 221 points
Reward 595 points = 17269-16674
Aggressive trader or a trade who are able to risk can sell 17190-17260 is best levels but safe traders can enter 17270 on side of short selling. I will also update follow up time to time on this post.
What is exactly Diagonal: It is a five-wave overlapping structure, wherein each wave subdivides into three smaller waves. It is typically an ending or terminating wave pattern and is found in the fifth wave position on an impulse wave and the wave C position of A-B-C formations. A Diagonal Triangle is normally contained by two converging trend-lines. A Diagonal Triangle is normally contained by two converging
trend lines.
Rules of Diagonal:
- A Diagonal Triangle is made up of five waves.
- Each wave within a Diagonal Triangle must subdivide into 3 waves.
- Wave 3 cannot be the shortest impulse wave of waves 1, 3 and 5.
- Diagonal Triangles can only occur in the fifth wave position of impulse waves and the wave C position of A-B-C formations.
- Diagonal Triangles are found only at the termination points of larger wave patterns.
This is earlier considered Ending-Diagonal for multiple reasons. One of the reasons is, we will get higher reward than risk in short side. Let's assume that wave B of (iii) of diagonal end 17269 nearby and then target is has high reward for wave C of (iii)wave.
Calculation:
17490-17269 = Risk 221 points
Reward 595 points = 17269-16674
Aggressive trader or a trade who are able to risk can sell 17190-17260 is best levels but safe traders can enter 17270 on side of short selling. I will also update follow up time to time on this post.
Comment:
Retracement has been broken, just wait and watch. No trade. I ll give you exact level after confirmation and required to correct pattern here.
