The above chart is of TCS on 15 min TF.
The chart has formed various patterns and shows the price action after successful completion of the pattern. Hope rarely we can found a chart which exhibits most of the patterns in a single chart.
Here are some of the patterns which i was able to identify:
(A) Bullish flag pattern:
After recognizing and marking the pattern on chart, longs can be considered on breakout above the upper trendline of the flag, with proper SL favoring atleast 1:2 RR.
(B) EW Counts (Although i am not good at EW analysis, have managed to mark some primary/corrective counts on chart):
After recognizing and marking the counts (1-2) on chart, longs can be considered on breakout above the high of (1) candle, with proper SL favoring atleast 1:2 RR.
(c) Head and Shoulder pattern:
After recognizing and marking the pattern on chart, short position can be considered on price closing below the neckline, again with proper SL favoring atleast 1:2 RR.
(D) Bearish Inverted Flag pattern:
After recognizing and marking the pattern on chart, short position can be considered on breakdown below the lower trendline of the flag, with proper SL favoring atleast 1:2 RR.
(E) EW corrective count:
After recognizing and marking the counts (a-b) on chart, short position can be considered on price closing below the low of (a) point, with proper SL favoring atleast 1:2 RR.
(F) Symmetrical triangle:
After recognizing and marking the pattern on chart, longs can be considered on breakout above the upper trendline of the triangle, with proper SL favoring atleast 1:2 RR.
Most of us have paid penalties/fine to the market for making mistakes.
The objective of this chart is to show some simple and interesting pattern formations and price action after successful completion of the pattern. One should try to learn atleast few simple patterns, which will help to avoid or atleast minimize the penalties that we pay to the market :).
Identifying such patterns on higher TF, say daily/weekly chart, and trading them with proper SL would reep good returns over long term trade.
Hope the above chart was useful with the information provided.
Happy Investing !
The chart has formed various patterns and shows the price action after successful completion of the pattern. Hope rarely we can found a chart which exhibits most of the patterns in a single chart.
Here are some of the patterns which i was able to identify:
(A) Bullish flag pattern:
After recognizing and marking the pattern on chart, longs can be considered on breakout above the upper trendline of the flag, with proper SL favoring atleast 1:2 RR.
(B) EW Counts (Although i am not good at EW analysis, have managed to mark some primary/corrective counts on chart):
After recognizing and marking the counts (1-2) on chart, longs can be considered on breakout above the high of (1) candle, with proper SL favoring atleast 1:2 RR.
(c) Head and Shoulder pattern:
After recognizing and marking the pattern on chart, short position can be considered on price closing below the neckline, again with proper SL favoring atleast 1:2 RR.
(D) Bearish Inverted Flag pattern:
After recognizing and marking the pattern on chart, short position can be considered on breakdown below the lower trendline of the flag, with proper SL favoring atleast 1:2 RR.
(E) EW corrective count:
After recognizing and marking the counts (a-b) on chart, short position can be considered on price closing below the low of (a) point, with proper SL favoring atleast 1:2 RR.
(F) Symmetrical triangle:
After recognizing and marking the pattern on chart, longs can be considered on breakout above the upper trendline of the triangle, with proper SL favoring atleast 1:2 RR.
Most of us have paid penalties/fine to the market for making mistakes.
The objective of this chart is to show some simple and interesting pattern formations and price action after successful completion of the pattern. One should try to learn atleast few simple patterns, which will help to avoid or atleast minimize the penalties that we pay to the market :).
Identifying such patterns on higher TF, say daily/weekly chart, and trading them with proper SL would reep good returns over long term trade.
Hope the above chart was useful with the information provided.
Happy Investing !