Pattern description with drawing on the chart.
Due to -VE behavior of market, pattern may be extended to other forwarding pattern.
Scnario #1 (bear side): Ext D = 1281.9 (plotted on Chart)
Scnario #2 (bear side):Ext D = 1241.8 (plotted on Chart)
Though my view in favor of LONG.
WHY ? Look Candle Pattern:
BULLISH HARAMI CROSS (Reversal pattern):
This is a Major REVERSAL pattern, which is even more significant than a regular Bullish Harami. (Mentioned in ICICIPRULI CHART) The outline again looks like a pregnant woman, as with the Harami Pattern. However, now the baby is a DOJI. Basically, the pattern is characterized by a black body followed by a that is completely inside the range of the prior black body.
* " " : Also known to us as "PIN"
1. The market is characterized by a prevailing downtrend.
2. A Blue body is observed on the first day.
3. The "DOJI" or "Bullish PIN" that is formed on the second day is completely engulfed by the body of the first day.
Pattern Requirements and Flexibility:
The Harami Cross consists of two , in which the body of the first blue engulfs the body of the following . The body of the first may be short.
A mood prevails in the market, and a downtrend is in progress. The first day’s is a blue body, which further supports bearishness. However the next day, prices open higher than the close, or at the close of the preceding day. The short traders are alarmed which leads to the covering of many short positions, causing the price to rise further. Moreover, the day closes at the opening price, showing lack of decision among traders. The increasing level of indecision and uncertainty amplifies the likelihood of a trend change and cause a Reversal.
Buy/Stop Loss Levels:
In the Harami Cross pattern the first can be short. This causes the confirmation level to change with respect to the body length of the first candlestick:
1. If the first blue body is short, then the confirmation level will be defined as the body top of the first .
2. If the first blue body is not short, then the confirmation level will the last close or the midpoint of the blue body of the first , whichever is higher.
Prices should cross above these levels for confirmation.
The stop loss level is defined as the lower of the last two lows. Following the BUY, if prices go down instead of going up, and close or make two consecutive daily lows below the stop loss level, while no is detected, then the stop loss is triggered.
ALL Short / Medium Term LEVELS PLOTTED ON CHART.
Intraday Chart as Snapshot will be Updated later, watch time-line regularly for new updates.
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Disclaimer: Only For STUDY. For Taking Trade Decision Consult Financial Advisor.
Traded @ 1361.45
LONG View provided @ 1340.,
Though mentioned in Intraday Chart "PVR Intraday At a Glance, set up for 31st July 2017 (FUT + Spot)"
Long legged DOJI / Bearish PIN, Possibility Flat to -VE
in 1st - 2nd 15 min candle. Grab opportunity to LONG in LOW.
Traded @ 1370
Mentioned TPZ 1: @ 1379 - @ 1385
Crossed "TPZ 1: @ 1379 - @ 1385"
View provided: @ 1340
As of Now +60 buck in a week.
Achieved TP2: @ 1426.5
View provided: @ 1340