Price has been trading in the long-term channels for more than 16 months. After making a low of 785, prices started rising to the upper band of the parallel channel. Currently, prices are trading above 100 EMA.
PEL has formed a value area with a cup and handle pattern. The neckline of the cup and handle pattern is also the upper band of the value area at 915.
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This is the reason i don't prefer trading chart pattern without confirmation.
I couldn't understand....Can you explain what is the reason(u mentioned in the comment) and y you don't prefer pattern?
forextidings
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You can only trade chart patterns by confirmation signal. You can only trade chart patterns by a confirmation signal. Also, patterns can't be traded before formation.
forextidings
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@mmjimm It shows the importance of confirmation in some patterns. Currently, the price has formed a double top and is at the neckline of the channel. We need a confirmation of neckline breakdown. :)
@forextidings, YES!!!! I too posted an idea about this on 16th December!! I pasted the link here but it has to go under some moderator check it seems!!