The similarity between harmonic and basic chart patterns is that, for each of them, the shape and structure are key factors to recognizing and validating a specific pattern. The next price movement can thus be projected with the goal of turning these patterns into profits. However, a key difference is that harmonic patterns are defined more precisely. They are 5-point reversal structures, containing combinations of well defined consecutive Fibonacci retracements and Fibonacci extensions, leaving less room for flexible interpretation.
Harmonic patterns continuously repeat themselves, especially in consolidating markets. There are basically 2 types of patterns: 5-point retracement structures like the Gartley and the Bat and 5-point extension patterns like the Butterfly and the Crab. Trading harmonic patterns requires patience because, due to the specificity of the ratios, patterns that appear harmonic may not be if they don't align with the proper measurements.
Education & Trading Idea
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Mankading
Controversial Strategy Mankading has been discussed which is used at times to score a plus against your opponent and compared with similar box kind of strategy used in real time...
After a good rally in RIL, it getting high price rejection from overbought levels. We can 50 % of its upmove as a retracement.
Target should be somewhere 1300. BSE:RELIANCE[/shttps://www.tradingview.com/x/3nb6Zg07/ymbol]
Dear All Members at TradingView ,
Maruti Suzuki India is trading near to Potential Reversal Zones of Bullish Gartley . Our Strategy should be :
Buy Near to 6515-6535 Rs. / Safe Players should enter above 6730 Rs.
Expected Targets : 6730-6860-7055+ / Aggressive Targets : 7500+ Rs.
Stop-Loss : 6450 Rs. on Closing Basis
A Good Buy for Investment Purpose as...
With the weekly candle that was made by SBIN it is indicating that for the coming week It might not breach 307.5 and hence any rise should be used to sell with a breach of 295 levels a possibility.
So :
1.) Sell 305 CE on rise,
2.) Sell 310 CE on rise.
3.) Sell SBIN futures on rise with SL of 307.5 and targets of 294.5/ 292.5. Adjust entry price as per Risk-Reward.
Wish you Happy Holi & May this festival bring lots of colors in your life!!!
Education & Trading Idea
Wedge
Wedges are a multiple price wave reversal pattern. Wedges form when the waves of an asset move within a narrowing range, angled either up or down.
When the pattern completes, and the price breaks out of wedge, it is usually in the opposite direction...
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