Price has bounced off the middle line or the medianline of the blue fork. More recently, it has been bouncing off the lower parallel of the green fork. What do we have in store?
Comment
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Price did rally to the green medianline. It infact moved well past the medianline line and the next logical target is the upper parallel of the green fork. Nice move in this stock and a rewarding trade too.
Sir, i think now the price action should be watched, as its poised nicely for breakout. hope accumulation will happen for few days and it might touch the median of green pitchfork.pls correct me if am wrong.
Sroy
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It is running to fill a minor unfilled gap created on 11/2/2016 @ 381. What do you say sir?
nalinakshi
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and sbin chart is bit confusing , whether to go long or short not able to decide, sometimes it appears restest 268 is probable, do you agree?
techtrail
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@nalinakshi, am addressing both of your questions together. This is a classic dilemma everyone goes through, especially those who are relatively new to trading / investment. What I have posted is a daily chart and broad pointers. I haven't talked about entry, stop loss or target. And, my time frame, risk appetite and trade management might be completely different to yours or the other person who has posted that "bat" formation. And, by the way, both of us can be correct. What if there is a short term fall and then a rally.
Or the other person can be correct and I will just take a hit as my stop loss will be triggered. In that case, I will view it as just another losing trade among a series of trades I take. It doesn't affect me as I know my process is robust and it has positive expectancy.
And finally, please realise and understand what time frame you are comfortable trading. It is a function of your risk appetite, capital, time availability etc. Unless you sort out this timing issue, you will find the progress very slow.
Share the chart of SBI with your thoughts and let me reply with mine thereafter.
nalinakshi
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@techtrail, i had sent mail putting my views on sbin, somehow i was able to read chart. i follow true strength indicator to get to know the strength of trend and early indication of trend reversal. probably you haven,t looked into the chart which i sent, If you find please convey your views.
nalinakshi
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you have used longer time frame for pitch fork, what it suggests for very short term, someone has posted bat formation for very hort period. i mean 7-8 days. sometimes everything becomes confusing. please highlight on this. thank you
trade4cast
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sir nice pick, looks like it will reach 364 by 23/2/07