JINDALSTEL trade ideas
channel pattern potential swing parallel channel pattern-
take entry at bottom with small stop loss.
most of traders take trade at breakout of channel pattern but it gives low risk reward ratio. so we should take trade at bottom of channel pattern.
By taking entry at bottom we can expect huge risk reward.
NOTE-;
IN channel pattern always trying to take entry when price hit bottom of channel with a engulfing green candle around 3%
This learning from my back tested data
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Flag and pole pattern?CHART -> JINDAL STEEL & PWR WEEKLY SETUP
Looks like JINDAL STEEL & PWR is trading under a flag and pole pattern in the weekly time frame. Any weekly close, either break out above or break down below, of the flag's trendlines should guide further path of the stock.
Disclaimer: This is for educational purpose only. This is not any recommendations. I am not SEBI registered. Please consult your financial advisor before taking any action.
002 JinDal Steel Trading Setup, Price Pattern Action Trading Mahurt Trading _ 14-Nov-20:
15K 69 Shares
Monthly: Bullish: - Looks Like a W reversal Pattern - will confirm at 280 Closer on Monthly, If this pattern succeed to close at 280 monthly then we can hold it for 604 Target
Weekly: Still trending in a ranging situation, expected to growth, 1st target 345. 2nd target 450, 3rd target 580 and 4th target 600
Jindal Steel Long Trade (Buy)Jindal Steel was in down trend from a few days, but recently it formed a Doji candle with lower price rejection. And today it formed a bullish candle, these candlestick patterns indicate there could be a trend reversal. It is also taking support from 200 EMA of daily time frame. You can go long once it closes above 386/387 . It will be a good swing trade. Place logical stop-loss (Suggested : Below EMA 200 1D timeframe).
JINDAL STEEL & POWER(SHORT TERM BOUNCE)JINDAL STEEL & POWER:
Few key points to note:
- Near the support & resistance trend line
- At golden ratio of prior trend.
- Waves counting are mentioned
- Recently tested 200 EMA
I expect a small bounce from this point for 420-430-447, but we don’t have any reversal signal yet. Once a bullish candle is formed at this level, we can long for the mentioned targets.
However for long term (1 YEAR & ABOVE) I am not bullish on this stock at this point of time because few important parameters are not met.
CHART & ANALYSIS – ADARSH DEY