Venkeys formed bullish kicker candle on above average volumes, right on the lower parallel line of the pitchfork and looks set to breakout above the recent consolidation range.
Stock is above 150 & 200 SMA ✅ MACD and RSI are A-ok ✅
CMP 3060. My Short term target 3780 (or maybe i'll trail until it hits the median (center) line depending on the strength shown) SL below the consolidation range 2755.
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Trade closed manually
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Price is still moving in a up trending channel but it has moved out of the bounds of our drawn pitchfork and closed two days in a row below it. At this point it may (i) bounce back from a sliding parallel line (drawn at some distance from our pitchfork or(ii) fall further at which point the characteristics of our drawn pitchfork may be said to change from regular to schiff/modified schiff.
So I am closing position now at 3010. Will look to enter at (i) or show of strength on lower parallel of redrawn pitchfork (ii)
@sandeepkumarmeenagreaternoida, hey! thnx. btw I went through your ideas. Would your remember where you came across the phrase "as above,so below" ? was it on a Tim Morge vid? we might have been down the same youtube rabbit hole lol.
AniketKabir
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@NNiveshak, Yes it was Tim, but I am not sure of youtube, i had seen the videos on some interective brokers website.