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CESC Limited stock was chosen due to high volume on 03-Jun-19. Flag pattern noticed on 03-Jun-19 and breakout upwards noticed and this was crossed last 6 months high resistance hence this was considered as Bullish. Long position need to be taken @ Rs. 778 with stop loss of Rs. 709 and Target of Rs. 847. Timeline to achieve – 15 days.
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Hi Prakash, In case of Flag pattern single day pole should not be considered. In my first post on flag pattern I too did the same mistake.
Thanks Mohan for your suggestion. Actually i have considered last 3 days candle as steeper pole.
Flag and Triangle:
• Spot the steeper pole – Rectangular Price Movement (sideways) expected with minimum 3 to 7
days; Volume should be low during the flag;
• Breakout should be on the same side.
Trading Conditions: : Long Positions can be created on same side breakout.