Before the results kick in, the trade looks very lucrative from a risk rewards perspective. Its bang on support and if 420 holds, the scrip could witness a bounce in the near term to around 450 and then to 485. Stop loss of 420 (Daily) would negate the trade and infact it will stop and reverse trade !!!
Basic Understanding and Rules for Bingner : - - Never put trade against the major direction. - Major direction conformed by first Impulse or some Moving average. - Don't Trade in Correction Zone. - Try to figure out which type of correction happen and put tradeline. - Try to Entry in second Impulse, After breakout Happen. - Risk to Reward Ratio 1 : 3
Learning gartley pattern 'B" is at least 61.8% retracement of XA should not touch or close above 78.6% "C" is at least 61.8% retracement of AB leg should not tuch or close above 78.6 "D" the entry point is at 127.2% extension of AB, which in this case comes out to be near 495. I doubt it will come there . Will monitor this as long as point C holds true
The price action has been trending up for a while and now it has touched and entered the previous resistance level at around 595-600 levels. It is also important to note that there is also a formation of a bearish harmonic pattern. It is wise to wait to initiate longs in it until the price action breaks and closes above 601. Apparently, there is a good chance of a ...