📌 Only for Educational Purpose. 📌 This idea is part of the experiment to figure out if technical patterns work on fundamentally weak companies too. I'll trade it with a very tight stop loss.
☆ Kindly like & share ➥ this pattern. Comment ⎚ with what do you think. Follow me @ tradingview for more updates and like the chart ❤!!
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Target 1 Reached
Trade closed: target reached
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Target 2 reached in just 3 weeks!
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After many requests I have finally created my Telegram channel for sharing Price Action Chart Ideas. I will also be sharing a daily toolkit for next trading day containing Intraday and Swing ideas along with Chart logic.
Hi Kapil, I really like this experiment on weaker companies. I did the same experiment. And here's what I found after few hits and misses: If you really want to exploit it, you've got to enter late and exit early. A big reason is, there's liquidity crunch on these scrips and they run circuit to circuit. And once the fall starts, it washes away all your profits because you wont be able to sell in LC. So, once I see a scrip breaking out of a down trendline, I don't get in on the first UC. I'll wait for at least 2 UCs to confirm. Once I get on it, I'd not wait for the trend to slow down, I'd get out in 3-4 UCs (and wont bother even if the stock goes much higher). This has been my experience. I'd like to know yours whenever you have enough data on your hands.
Kapil-Mittal
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Thanks for sharing this @raavigeorgian, I'm actually not trading them right now and have decided to observe them for few weeks and see if they are actually working or not. But you shared a really important point as on the weekly chart it is easy to ignore the circuits and liquidity. I'll keep this in mind when finding more patterns.