It is not a cypher bookish pattern as D-leg should be retrace only 78.6% of XA leg but in present case it has extended to 130-140% of XA.
I am playing with X-factor Trendline which passes exactly at the top of 1472 recent top where possible D-leg can end.
2 points to confirm a trendline & 3points to draw a valid trendline is what technical analysis teaches- so here is the application with some cypher juices modified.
Trading Strategy
Once Ceat starts falling below 1418- recent low -we will look to sell. Once pattern activates -recent high below 1472 high should be put as stops for lower targets.
I am playing with X-factor Trendline which passes exactly at the top of 1472 recent top where possible D-leg can end.
2 points to confirm a trendline & 3points to draw a valid trendline is what technical analysis teaches- so here is the application with some cypher juices modified.
Trading Strategy
Once Ceat starts falling below 1418- recent low -we will look to sell. Once pattern activates -recent high below 1472 high should be put as stops for lower targets.
Trade active:
15:15 Hrs 17th April2017
Pattern activates only when previous low@1418 gets broken on the downside.
Pattern activates only when previous low@1418 gets broken on the downside.
Trade closed manually:
14:35 Hrs 18th April2017
Last Price@1446
Closing The Update- Call did not activate below 1418.
Last Price@1446
Closing The Update- Call did not activate below 1418.
Best Regards,
Abhishek H. Singh
Growth Director - TradingView India
YouTube Channel www.youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw
Twitter Handle
twitter.com/TalksWave
Telegram Handle
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Abhishek H. Singh
Growth Director - TradingView India
YouTube Channel www.youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw
Twitter Handle
twitter.com/TalksWave
Telegram Handle
(Deleted)