gulz

Potential Bullish BAT on TCS hourly Chart

Long
NSE:TCS   TATA CONSULTANCY S
On TCS 60 mins chart, we have a potential Long opportunity at the D leg completion of bullish BAT setup .
The price reversal zone is between 2424 & 2404

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 - 2487
Target 2 - 2525

(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%. )

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.
Trade active
Comment: Potential Reversal Zone (PRZ) Tips ( Educational)
• Look for an area of convergence. History has proven that a convergence of Fibonacci ratio projections, especially specific harmonic price patterns, can identify critical technical areas of support and resistance. When a distinct pattern possesses a congregation of ratio projections in a defined price range, it is possible to determine the potential future direction of the trend.
• Look for where the greatest group of calculations converges. The key to utilizing these harmonic measures when analyzing a price chart is to determine the area where the greatest group of patterns complete and important ratio calculations converge.
• The bigger the number the more significant the harmonic area. The Fibonacci
number that is calculated from the largest price leg is usually the most significant at a pattern’s completion point. This principle applies to both time and price. For example, a pattern that develops on a weekly chart will be more significant than a setup on a daily basis. Also, if there is a smaller pattern within a larger pattern, the larger pattern usually will be more significant.
• The proper identification and interpretation of the price action in the PRZ at the completion of a pattern is the defining element for success. The preparation and discipline required to “execute in the zone” is no small task. This we need to practice and develop our own.
Comment:
Comment: A Bullish Cypher + trend line merging @ 2242 on daily chart, which will be a good point of entry for longs for positional trade. i will write a new thread on it soon.
Trade active: Good price action, Made entry
Trade active: Nicely kicked out from PRZ
Trade closed: stop reached: Will wait for the next setup to active (cypher+trend line merge)

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.