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.
Stop
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.
Regards
Bravetotrade.
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.
Stop
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.
Regards
Bravetotrade.
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.
JJ Singh
Trader/Investor
Moderator, TradingView
🚀Join t.me/jjsingh_2020 ,
A Free Education channel
🚀Tweet at twitter.com/JaySingh_2020
Trader/Investor
Moderator, TradingView
🚀Join t.me/jjsingh_2020 ,
A Free Education channel
🚀Tweet at twitter.com/JaySingh_2020
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.