Hey Guys,
Just exploring various tool Tradingview offers, I searched for few charts for good pivot break but Our Lucky Charm TataSteel will leave Us ??? Ha ha Never... It's Love story forever with Tatasteel ! So Exploration starts with Tatasteel...
This is the one I got with Good Pivot Break & Macd can be considered for additional confirmation.
Note : Not My...
Falling Wedge pattern formation on Tatasteel and its for day trade only.
Trade:
Buy above - 560.00
Target 1 - 562.50
Target 2 - 565.00
Stop loss - 557.00
Another chapter in TataSteel Love Story :)
Let's keep aside Tatasteel for a moment. Consider this as some very random chart of unknown scrip X, we have perfect ABCD pattern finish & even if you do with Fibs there will be very good fib formations around our expected reversal zone, RSI being oversold another reason in kitty. Usually to take a trade we look at...
The exact same setup which worked on Nifty, Perfectly
You see, only bcos I anticipate Upside move, this one will fail :)
Taking Long Trades in Tatasteel is strictly not advised !
If it remains to hold the 490 level, we can hope new highs. Otherwise it may again go for its support level. But on the looks of it, it is not looking bullish as per the market. Looking for the target 470.
Tata Steel after making high,today lost gain and formed shooting star patter,which is considered strong bearish sign,stock may see some downside from this level to 498 level in near term.
Most of My New followers won't be knowing My tryst with TataSteel, every time I post a trade setup on Tatasteel it fails, No matter what it will fail. Always misfires... & It will remain as Favorite Misfire, No matter what, Not gonna hate it :)
Here I honestly seek your opinion on Tatasteel whether this will happen or not, can you guys throw some light on that ?
After rejecting channel resistance 3230 NIFTY Metals has been in reversal mode and reached channel support @2854. If holds this level for few days likely to resume the uptrend again. If acceptance below 2850 will be critical for longs
Tatasteel is near channel support 442 which is also the 50% retracement level of prev move from 377 to 508. If this holds it can resume its uptrend. Stop loss for this trade is any close breaking below the channel trend line which is @440
CMP 454 is not in a favorable R:R for me. Will wait and take trade between 448-445 levels with stop loss @440 on closing basis....
BPrime Points :
(i) These setups are formed/drawn on 5 or 15 mins, so when 5mins chart posted on 15mins it will be different.
(ii) After undertstanding the setup go down a timeframe (5mins) & see the exact setup
(iii) If the post seems cool n good for your trade with respect to your plan fix Entry,Stops,Targets
(iv) Trades holding period : Intraday or max.2...
Tata steel has formed new channel. It moves in channel for many days(see the first MMC) which can be used by trades to make decent money in each downtrend. The second MMC (Money making channel) is not having big channel distance (its INR 30-40) but enough to make money.
