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As per the attached chart, steeper pole is seen with side way movement, the flag breaks out in downward direction with high volume which signifies the inverted flag.
Trade Plan: Direction- Bearish, Position -Short, Entry below 1010, SL:1160, Target: 860
DEAR SIR/MADAM
VERY NICE FORMATION OF PATTERN
Trade plan alone requires modification
Stop loss has to be at the TOP of the FLAG part( and not at the top of the pole)in the case downward /bearish movement
Hence Stop loss can only be 1050/1055
(Target can also go below ie 800/775 which is reached immediately ie MAY itself)
HAPPY TECHNICAL ANALYSISHi,
The Indicative volume as per the attached charts are not exactly at the break out. Kindly check with the cross-hair
Hello Murugan, I have considered the breakout on 28th Apr, which has higher volume(12,16,649) than the previous days. And the volume got increased(54,63,866)in the next two days, which I have not considered to qualify for the flag pattern. Kindly review and confirm my understanding. Thanks a lot.
You are right….
Stoploss as Mr V.VEDANAYAGAM said, It should be above 1055. Because that is the high of Rectangle Shape Flag (Cloth).
You have mentioned The Pole High as stoploss, but it is not necessary.
You are doing really well.. Keep this momentum intact.. Feel free to discuss and contribute with others..
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