gulz
Long

BULLISH SHARK DONE IN TATA STEEL, NOW TURN FOR A BULLISH BAT ?

NSE:TATASTEEL   TATA STEEL LTD
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
Order cancelled: Setup invalidated but we have a bullish butterfly near to the D leg completion on hourly chart.
link below
Looking good, maybe we can even look to enter a short for a BAMM here. But it would be a thin trade.
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gulz razultull
@razultull, yes , but we are little late here
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@gulz, replying to what you had said, earlier, i am unable to send message because verification of account is needed. for a AB retracement of C close to 61.8% the required D move is 161.8% of BC move, from what i've read. Correct? So bat would not be complete at current levels.
Reply
gulz razultull
@razultull, Yes, a agree with you.
As per the text books - "the AB=CD pattern within the Bat pattern is extended and usually requires a 1.27 AB=CD calculation. It is an incredibly accurate pattern and requires a smaller stop loss than most patterns. ".
So lets keep our D point at same location ?
Reply
@gulz, yes agreed
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