johntradingwick

Vedanta - Bull flag + Symmetrical triangle. BO soon!

Long
NSE:VEDL   VEDANTA LTD
Key Highlights:

1. Potential change in MS underway
2. Still in consolidation mode
3. Symmetrical Triangle pattern
4. Flag & Pole formation
5. Early entry will give a better RR ratio
6. Support zone: 262-267
7. Target: 296, 320, 332, 350. Stop loss: 263

You are always advised to use an appropriate Risk-Reward ratio as per your strategy.

P.S: This is NOT investment advice. This chart is meant for learning purposes only. Invest your capital at your own risk.

Comments

where can we read more on such patterns ? great work . just found out & followed
Reply
@OnePlus9, Thank a lost, mate. You can read about these on almost every trading website as well as on YouTube. I am also thinking of creating educational posts on Tradingview itself, just running short on time at the moment.
Reply
How do you decide the targets on breakouts for different different patterns? Can you make one of your masterclass for this if possible? Thanks!
Reply
@nexgsimba, There are 2 ways to decide the targets:

1. Use the Fibonacci extension to determine various targets
2. Every pattern has a different measurement objective, which you will have to remember. I'll give you a trick, just remember this - "The target is always equal to the depth of the pattern". For example: In the case of the symmetrical triangle, ascending triangle, or descending triangle, the target is always equal to the depth of the triangle.

I'll try to make some threads on this soon!
+2 Reply
nexgsimba johntradingwick
@johntradingwick, Thanks Bro! I have got some idea now
Reply
@nexgsimba, No worries, mate 😄
+1 Reply
@johntradingwick clear explanation brother ❤️
Reply
johntradingwick SakthivelSitharthan
@SakthivelSitharthan, I am glad you found it useful. :)
Reply
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