Vedanta - Bull pennant!

735 22
Buy above 228 with the stop loss of 226. Targets are 230, 233 and 236.
Trade active
Comment: 1st target done!
Comment: Moving towards 2nd target
Comment: For my regular followers, I analyse and post for their queries in "Trader's queries" And how do I know you are reading my posts regularly? From your likes ofcourse.
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Comment: I wonder why people troll me when they give likes with out any questions to the authors who just post using daily charts, no technical explanations etc :)
Comment: See you later dear trollers, market is calling me!
Trade closed: target reached: All targets done!
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couldnt find any visible top or any visible bottom to draw pennant - that too in 30 min candle.its like drawing lines to catch momentum to meet any pattern anywhere but anay way its bull market -eventually everyone will get correct
+2 Reply
vanathi thoughtfullinvestor
@thoughtfullinvestor, No one here is "Pro" trader like you. I agree :)
@vanathi, thanks
+1 Reply
This trade appears to have triggered the stop loss before moving towards the targets mentioned unambiguously.

As per my understanding its not possible to know if there is selling or buying pressure when a candle is being formed. If you wait for a candle formation to complete before entering, there are chances of missing the opportunity to enter (as the 1st candle went very close to your first target of 230). It is actually easy to make a narrative to fit the price action that already occurred.

Everything put together, this idea hit the SL and the explanation you gave recently is practically not tradable. Would like to know your views on this.

Rasika Patel
+2 Reply
vanathi Rasika_S_Patel
@Rasika_S_Patel, Start trading. Then you will know :)
+1 Reply
Dear @vanathi I trade. That is the reason why I have these questions and concerns.
+1 Reply
@vanathi, @Rasika_S_Patel relevant question and once again irrelevant answer . seems her followers are all pro
+3 Reply
piyushrawtani Rasika_S_Patel
Gap up / gap down opening and buying / shorting straight away is a NO NO ! As far as the analysis goes , i dont see anything wrong in it .
The ideal long trade in this case is once price crosses high of the third candle. Entering the trade before the formation of a candle is where the traders get rekt .

+1 Reply
Rasika_S_Patel piyushrawtani
@piyushrawtani, I appreciate your view.
But the analysis was published when the price was at 225.40. And the price opened with a gap up of 227.15. Hence the entry of "Buy above 228 " should not be impacted by the gap up opening. I would have considered your point if the gap up was above 228.

You need to re-consider your statement - "Entering the trade before the formation of a candle is where the traders get rekt " as this is a paradox. Any candle is in the process of formation at any given point across different time frames. a 15 min candle close could be still in the formation on 1H candle or a 1D candle could be still in the formation on weekly candle on a mid week! Hence waiting for the individual formation of candle (not to be confused with charting patterns) to complete would lead to many missed opportunities.

Trading rules and strategies must be something that should be unambiguous, can we written clearly, and should have the ability to be applied across different markets and timeframes. Else it will only personal opinion. And trading based on opinion is not wise.That's my view.

+1 Reply
vanathi Rasika_S_Patel
@Rasika_S_Patel, I will be thankful if you stop writing comments in my analysis. Thanks in advance!
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