asif06542
Long

Channel Trading-Consolidation Breakout.

NSE:RCOM   RELIANCE COMM LTD
Rcom             Trading In An Upward Channel , Now After Few Days Consolidation Given Breakout..
Very Good Time To Enter.
Target-Channel Resistance.
Stoploss-As per Your Risk Aptite..
Comment: Stoploss As Suggested By padiyaara sir, 33.75.
Trade active: Made 41 High.
Yes some positive although overall volume not so enogh but cci positive atr at low .mfi short term positive .some buying pressure.cp 39 i will buy at 39.5 or above tgt 42.8 sl 37.8 for next trading day
+1 Reply
asif06542 rajiv1000
@rajiv1000,
very good, i agree with u.
although the setup is based on pure price action stragety not on any indicator..
thank you..
Reply
Nice work
This is how i see it ..
snapshot
Reply
asif06542 SumitJain
@SumitJain, very good sir..
Reply
Good finding,keep it up.
I think the last higher low& channel support 33.75 will be an ideal Stop loss.
+1 Reply
asif06542 padiyaraa
@padiyaraa,
Thank You Sir, I will Update it..
Reply
Not a convincing breakout bro !
The inverted hammer is excluded from the rectangle which is where the current price is. and the bar length is too short.


Also, the lower channel line just has one point making it not such a great validator of a price reaction line.
Reply
@dravya, ok sir, i am learning, will add inverted hammer also in the rectangle, but as of now price is above a range, so we can expect a breakout nd move towards upper channel line..
Thank You Soo Much For Your Feedback.. I will Keep in Mind..
Reply
dravya asif06542
@asif06542, let's see the action unfold and then I'll reply more :p
+1 Reply
@dravya,
sure sir, i will be waiting. :-)
Reply
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