gulz
Long

POTENTIAL LONG SETUP : BULLISH CYPHER + TRNED LINE MERGE

NSE:TCS   TATA CONSULTANCY S
Hi,

We have another potential Long opportunity at the D leg completion of bullish Cypher setup of TCS Daily chart .

The price reversal expected near to 2243 which is D leg completion of the pattern.

There are chances of trend line & D leg of the pattern to merge,we may witness strong price action to upside if it happens

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 .

Target 1 - 2377
Target 2 - 2462

(When looking to take targets on the bullish Cypher Pattern the first step is to use your Fibonacci retracement tool.
With your Fibonacci retracement tool draw from the C to D leg, you are looking for target 1 at the 38.20% and target 2 at the 61.80%.
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. )

Note : This setup will be valid only if price complete the D leg.

Trade with Care
Gulz.
Trade active: Approaching PRZ
Trade closed: target reached: both targets achieved.

Comments

Nice for the Note
Reply
gulz AbhishekHSinghCMT
@AbhishekHSinghCMT, Thank you Sir :)
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