Bravetotrade
Long

UBL: Potential For Upside

NSE:UBL   UNITED BREWERIES L
Notes on the chart.
Comment: BO pullback entry worked..in consolidation mode.
Comment:
In case there is a bull flag break tomorrow, watch out for the levels mentioned on the chart to book profits.
Comment: Nice bill flag break as expected. Heading for 1070 zone.
Comment:
Looking to book partial profit at 1065-1069 zone.
Comment: partial profit @ 1067
Comment:
Be careful in the resistance area..for fresh positions, BO pull back setup is preferred.
Comment:
Reversal trades are risky but they can yield handsome returns..just look how UBL came out of hell and aggressively crossed the resistance 1070.
It seems soon It will taste 1100 where I ll liquidate the entire position.
Comment:
Here we have another bullish flag in UBL, but careful this one is ugly and will have lot of traps. Fresh positions would be useful only after decisive upmove out of the flag, OR risky traders may hop in near 1050.
I still look for 1100-1119
SL fro my remaining position is at 1039, just below my breakeven.
Comment:
As expected the current bullish flag is huge and ugly with lot of traps. There are lot of ifs and buts in the current pattern. Currently its at the lower end of bullish flag.
SL intact.
Comment: If the stock breaks today's high (1075) and sustains for some time, it might get to our final Target 1100-1119.
Comment: SL below 1050 now.
Comment:
Its been a long swing trade. There was a bull flag BO yesterday but today stock made a minor double top and reversed. It seems it is trying to retest the BO level.
Any move past 1090 will be furious as we ll see short covering. SL for my remaining position is at 1049. So its a win-win situation now. I am just watching and waiting..which is painful ;)
Comment:
After the bull flag break the stock made a minor double top which was beached with large volumes and stock just missed the 1100 kiss. Then we saw a double top breakout failure with even larger volumes, which may be a psychological whole number selling.
Stock seems to be forming a triangle pattern with strong buying at the lower levels. Although the upthrust beyond 1090 does not seems good, I am not closing this trade and pushing my SL higher to 1065 with is near my first profit level.
Comment: Looking at this price action, fresh buying at 1070 can be a good idea with stop just below 1065.
Trade closed manually: Trailing stop hit for the remaining partial position.
A great folllow up. When yo hit the play button one can see how market tests the person in every way possible. Even if one were to trade the main channel in original post., let alone the bat, it did complete the channel and gave the channel breakout, but boy not without testting the nerve if one were long from teh bottom of channel to the top.One the other hand you were onthe nerve of the market, testing it adjusting modifying as and when requires in the followup. :D. I guess it works both ways.

on the rnadom note. how much do u think is the minimum retracement for point C in the cypher. ideally its 1.27 to 1.41 , and u said people take it from 1.13 . hmm google fail to tell if anything below 1.27 is valid.
i see a lot of 1.161 for point C that works. WOndering if its just personal or people do take trades from 1.13 onwards.
Reply
Bravetotrade Einstein15
@Einstein15, haha..sure that question can be expected from a keen learner only.
Anyways 1.13 first came to my notice while studying Nifty chart. Since then I have started giving due respect to it.
For me anything that goes 1.13 or more below X qualifies for cypher. A close below X is generally preferable but not essential. Untill X I may call it a double bottom Bat qualifier.
Yes, that's my personal preference based on experience.
Reply
Bravetotrade Einstein15
@Einstein15, UBL was however very wild. Right after I clean position it tanked below my break even and then shooted back. It failed all patterns:)
Reply
1070 will good time Entry I think ? What you think
Reply
Bravetotrade Vinitpowar
@Vinitpowar, yes that will be a confirmation trade. But in that case we ll have to look for sustainability beyond that level and the stop would be wider. There was a nice setup at 1035 today. But if safe entry suits you, it's perfectly fine.
Reply
Vinitpowar Bravetotrade
@Bravetotrade, ok Thank you
That means trade is active now
Reply
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