TATA STEEL LTDLong
BULLISH SHARK DONE IN TATA STEEL, NOW TURN FOR A BULLISH BAT ?
Updated
Hi,
Thanks razultull for spotting the patterns.
Intact there was a shark right behind the BAT & it would have been a juicy trade but we missed it.
So there is a bullish bat harmonic pattern is developing on 30 mins chart & the D leg of the BAT coincides with support trend line (green colour on chart). D leg completion is at 468.5 (PRZ).
The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.
Stop loss would be placed below X leg structure support .
(When looking to take targets on the bullish Bat Setup the first step is to use your Fibonacci retracement tool. With your Fibonacci retracement tool draw from the A to D leg, you are looking for target 1 at the 38.20% and target 2 at the 61.80%.)
Target 1 - 483
Target 2- 492
To protect the profits you have accumulated at target 1 it is advised you move your stop loss to breakeven once the 38.20% target 1 has been attained, thus giving you a risk free trade to target 2.
Trade with care,
Gulz
Thanks razultull for spotting the patterns.
Intact there was a shark right behind the BAT & it would have been a juicy trade but we missed it.
So there is a bullish bat harmonic pattern is developing on 30 mins chart & the D leg of the BAT coincides with support trend line (green colour on chart). D leg completion is at 468.5 (PRZ).
The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.
Stop loss would be placed below X leg structure support .
(When looking to take targets on the bullish Bat Setup the first step is to use your Fibonacci retracement tool. With your Fibonacci retracement tool draw from the A to D leg, you are looking for target 1 at the 38.20% and target 2 at the 61.80%.)
Target 1 - 483
Target 2- 492
To protect the profits you have accumulated at target 1 it is advised you move your stop loss to breakeven once the 38.20% target 1 has been attained, thus giving you a risk free trade to target 2.
Trade with care,
Gulz
Order cancelled
Setup invalidated but we have a bullish butterfly near to the D leg completion on hourly chart.link below
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