SunPharma: Buying Opportunity

Type of Trade = Aggressive buy

Why Aggressive?

1) CC' = YY' already complete (see labels on chart);
2) XAB to BCY' is a 61 bar cycle, which is also complete;
3) Stock reversing from the above two price and time levels.

Why buy then?

1) The bat pattern will complete at around 574 PRZ;
2) There seems to be one more wave left which could take the stock as high as 564 to 574;
3) The 564 level is the CD=1.27AB complementary target for the pattern.

The Trigger
A bullish pattern on hourly chart near 530-533 level.

The preceding swing low (tight stop) or 520 (support stop)

# If price breaches the 520 level without any buying setup then this trade will be negated.
# If price runs higher from here, then I ll look for shorting opportunity in the PRZ.
# This is not a trading/investment advice..just my setup.

Do Hit like, comment and follow.
Trade safe, be healthy.

Comment: When not sure, Better miss the trade than to get trapped. I don't know the future price action but I am dragging down the buy zone.

Now the buy zone would be 530 to 522. The zone coincides with the uptrend line of the channel shown and also the important fib. levels.

I ll look for a buy setup in this zone on 1H chart. The setup in this case would favor RRR.

Comment: Waiting for buy setup.

Comment: Price action has slowed down on the hourly, it seems I may have my entry tomorrow.
Comment: Buy triggered.
Comment: Took partial P @ 538; trailing SL 528.
Comment: Took profit on another quarter @ 552; trailing SL 540
Trade closed: target reached
Comment: Although I used this pattern for long side targets only, it happens to be a very nice example of a bearish BAT pattern. Price reversed from PRZ and completed targets. Cmp. 504.
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