ICICIBank respecting lower line of pitchfork pattern. Tripple Zig Zag in C correction wave.
Multiple major resistance 364,375,385 above which 410,442 is expected.
Entry 360 Stop Loss 335 (7%) target conservative 410(13.9%), Aggressive 442 (22.7%)
TCS Formed pitchforks chart pattern on 1 Hr chart
Trade: When the trend is intact, prices gravitate towards the median line. Hence, when prices reach the top trend line, take profits or short the market. Also, when prices reach
the bottom trend line, enter a long position, or close a short position.
After a vertical fall Nifty retraced to 50% and now giving an opportunity to short it. High of yesterday could work as stop loss and one can expect the target of 8700/8400 which offers a good risk to reward ratio.
The median line on andrew's pitchfork has a high chance of being hit once a fork is formed and moves significantly toward the median.
The last time it swept the range of the triangle and made a pitchfork it hit the median line at the same time it hit the bottom of the triangle.
With the most recent triangle range sweep the median line is below the bottom of the...
Up sloping Pitchfork is capturing the frequency nicely and thus offering a good trade with small stop Loss. One can trade it in the following manner
SL 724 (closing below on hourly basis)
Risk/Reward Ratio 3.50
Disclaimer : All ideas are my personnel view. Please take financial consultancy for trading decision.
The chart is showing frequency at the down sloping PF. The prices broke the UML and came back again start trading below it. It may have shaken the weak traders today and may fall till ML. It offers a good opportunity to trade it with small SL with risk and reward ratio of above 4.
Entry current Price 250
SL 254 closing
Risk/Reward Ratio 4.3