Pattern within a pattern Long

SUN PHARMACEUTICALNSE

Description

⋅ Apr 8, 2018 8:09 AM

An inverted HS pattern has been formed inside a falling wedge. The stock has been consolidating inside a falling wedge pattern for the past month and finally has given a breakout. Now that the breakout is tested, We can go long above its swing high for a small scalp. It is also interesting to observe a Inverted HS pattern formed at this support juncture.

Hence we can go long above 515 for a target of 535.

Entry - Above 515
SL - 500
T1 - 523
T2 - 530
T3 - 535

For study purpose
Thanks.

Trade active

⋅ Apr 9, 2018 4:24 AM

Comment

⋅ Apr 11, 2018 4:41 AM

The stock is facing a lot of resistance. Hence closed my position @ entry level as of now. Will enter once again if it crosses above 517.

Comment

⋅ Apr 11, 2018 9:33 AM

This is one choppy trade. After testing a lot of patience it reached target 1.

Trade closed: target reached

⋅ May 7, 2018 4:10 AM

Finally they hit all the targets on 3rd may.

Trend Analysis Wedge

Comments

ajit_bobs

⋅ Apr 9, 2018 4:50 AM

Is it Intraday call or positional?

nimbuz90

⋅ Apr 9, 2018 4:56 AM

@ajit_bobs, It is positional, but i dont recommend any calls. These ideas are purely for educational purpose.

ajit_bobs

⋅ Apr 9, 2018 5:10 AM

@nimbuz90, Thanks for sharing. Actually I am long @ 495 lvls. So just need to know should book profit or hold more for 4-5 days

nimbuz90

⋅ Apr 9, 2018 5:23 AM

@ajit_bobs, Nice. Expecting 500-505 to hold the prices. If it breaches, then we may see some downside. Have a profitable trade.