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BATAINDIA trade ideas

Bata India- Weekly and Hourly Time Frames- A Complex Assessment TAKE MY WORD FOR IT - THERE MAY BE LESS TO MAKE OUT HERE, BUT PLENTY TO LEARN IN THIS ONE Was talking to an expert who told me that Bata India is a "Long", so I pulled up the charts. Here's what I found that stunned me. Initially, all looked hunky-dory on the Weekly chart (refer 1st chart), but when I moved on to the Hourly (refer 2nd chart), the story turned out to be barely simple, contrary to what it looked at the beginning. I was staring at a real complex wave pattern, which I haven't for a while and which doesn't seem to me like an Impulse (5th), but rather a complex B as we may still be in the 4th. This wave count suits such a wave personality the most, hence I'm tempted to go ahead with a slightly unconventional count. A word of CAUTION - Complex waves are best left on their own, but those who'd like to dare taking on such a wave, may venture with a tight stop loss. Note : This view would be invalidated if the price crosses 1682 (R1), 1755 (61.8% Fib ext) and 1895 (R2) with force. Cheers !!
NSE:BATAINDIAShort
by VIISHAL
Bata India – Classical Head & Shoulder Pattern formationClassical Head & Shoulder chart pattern formed in Bata India and it takes 3 months to complete the pattern, now waiting for the neckline break down below 1450. Please read carefully head pattern formation of this chart. Price is declining from head after important candlestick pattern formation like Hanging Man, Shooting Star/Gravestone Doji and finally cross doji. Right shoulder is formed slightly below the left shoulder which indicate the pressure on chart and at a golden ratio of Fibonacci retracement 61.8% from head. Price started falling at 61.8% level by making a Bearish Engulfing candlestick pattern. Head & shoulder pattern is completely formed and now waiting only for the neckline breakdown. Previous day candle is Hammer at neckline so if price rally then we will see price may reach up to 1500 level. 1500 level is a psychological number along with 38.2% Fibonacci level. And 1500 is the best price for short sell because of limited upside potential 1568 with small stop loss of Rs 68 and a huge target. Risk Reward from this level would be 1:4 Bata India Short Sell Sell Below 1450 Stop Loss 1568 (Highest high of Shooting Star and Bearish Engulfing) First Target - 1300 Final Target - 1225
NSE:BATAINDIAShort
by Arvind_Share_Academy
3
BATA INDIANote: 1. Views are personal and for educational purposes only. Recheck and take the trade as per your RR. 2. Always remember SL is your lifeline, not the big target... 3.Follow us for more patterns and like, share so that we feel it is helpful to many and share more patterns... 3. Views given here is not a tip rather it is for educational purpose... Aftermarket opens, the condition might change so learn to handle different conditions... 4. To learn more about patterns, Psychology behind the trade, and price action trading... contact us... Thanks... Keep an eye ladies and gentlemen. Cheers and Happy Trading.
NSE:BATAINDIALong
by SENSITRADE_T
1