On TCS 60 mins chart, we have a potential Long opportunity at the D leg completion of bullish BAT setup .
The price reversal zone is between 2424 & 2404
The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.
Stop loss would be placed below X leg structure support .
Target 1 - 2487
Target 2 - 2525
(When looking to take targets on the bullish Bat Setup the first step is to use your Fibonacci retracement tool. With your Fibonacci retracement tool draw from the A to D leg, you are looking for target 1 at the 38.20% and target 2 at the 61.80%. )
To protect the profits you have accumulated at target 1 it is advised you move your stop loss to breakeven once the 38.20% target 1 has been attained, thus giving you a risk free trade to target 2.
Trade with Care
Gulz.
The price reversal zone is between 2424 & 2404
The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.
Stop loss would be placed below X leg structure support .
Target 1 - 2487
Target 2 - 2525
(When looking to take targets on the bullish Bat Setup the first step is to use your Fibonacci retracement tool. With your Fibonacci retracement tool draw from the A to D leg, you are looking for target 1 at the 38.20% and target 2 at the 61.80%. )
To protect the profits you have accumulated at target 1 it is advised you move your stop loss to breakeven once the 38.20% target 1 has been attained, thus giving you a risk free trade to target 2.
Trade with Care
Gulz.
Giao dịch đang hoạt động
Bình luận:
Bình luận:
A Bullish Cypher + trend line merging @ 2242 on daily chart, which will be a good point of entry for longs for positional trade. i will write a new thread on it soon.
Giao dịch đang hoạt động:
Good price action, Made entry
Giao dịch đang hoạt động:
Nicely kicked out from PRZ
Đóng lệnh: dừng lỗ:
Will wait for the next setup to active (cypher+trend line merge)
• Look for an area of convergence. History has proven that a convergence of Fibonacci ratio projections, especially specific harmonic price patterns, can identify critical technical areas of support and resistance. When a distinct pattern possesses a congregation of ratio projections in a defined price range, it is possible to determine the potential future direction of the trend.
• Look for where the greatest group of calculations converges. The key to utilizing these harmonic measures when analyzing a price chart is to determine the area where the greatest group of patterns complete and important ratio calculations converge.
• The bigger the number the more significant the harmonic area. The Fibonacci
number that is calculated from the largest price leg is usually the most significant at a pattern’s completion point. This principle applies to both time and price. For example, a pattern that develops on a weekly chart will be more significant than a setup on a daily basis. Also, if there is a smaller pattern within a larger pattern, the larger pattern usually will be more significant.
• The proper identification and interpretation of the price action in the PRZ at the completion of a pattern is the defining element for success. The preparation and discipline required to “execute in the zone” is no small task. This we need to practice and develop our own.