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Forming Bearish Hanging man pattern scenario.
Trade plan: Symbol: Bajaj Auto– Direction short below 2439 SL2494, Target 2310
DEAR SIR /MADAM
EVEN though TRADE IS SUCCESSFUL the pattern lacks the following points
1 The hanging man /shooting star , being a one day reversal pattern requires CONFIRMATION on the NEXT day
Here the next day candle even though a bear, opens ABOVE the pattern candle and CLOSES at par with the pattern candle ie the price was not reduced after the signal
Hence trade cannot be entertained
2 VOLUME on the pattern day was also WEAK
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