praveen.bhatiya

Ascending Triangle/Flag Breakout

Long
NSE:TV18BRDCST   TV18 BROADCAST LTD
Good trading opportunity in the stock exists. Ascending Triangle broken combining the Flag pattern and it seems that if has already shaken the weak traders today so upward journey may be smooth now. Buy now or or dips depending upon the risk taking capacity where stop loss of 39.20 suits to you. Target 43.50
Trade closed: stop reached

Comments

The ascending triangle should have 3 legs with a series of higher bottoms while the 3 tops should be the same..In your chart, i dont see the 3 legs ( only 2 legs ) present + the 2nd leg is higher than the 1st leg.
Reply
praveen.bhatiya raghavendrakumart
@raghavendrakumart, Raghvendra ji Thanks for your prompt reply. Just to bring clarity, I am quoting below from the book written by Mr Thomos Bulkowski, you have referred in the link
1. The top horizontal trend line should have prices that approach and withdraw at least twice (in other words, two distinct minor highs). Similarly, two distinct minor lows support the up-sloping trend line. There is no mention of 3rd touch.
2. Prices need not touch the trend line but should come reasonably close.
3. The line need not be completely horizontal but usually is.

Your point of higher 2nd leg can be tacked: either by drawing the line little up or drawing it slightly tilted. However it is also mentioned in the book about a premature breakout which gives a hint of the forthcoming action.
I appreciate your comments that gave me chance to refresh my information on this pattern.
Reply
This is NOT an ascending triangle..

Here is the pattern : http://thepatternsite.com/at.html
Reply
praveen.bhatiya raghavendrakumart
@raghavendrakumart, Thanks for bringing into the notice. I've checked your link still could not find the point shy it should not be considered an Ascending Triangle. Please elaborate what am I missing here. Thanks
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