Ascending Triangle Pattern In GodrejConsumerPr(Daily Timeframe)!
We can see the Godrej Consumer Pr is making ASCENDING TRIANGLE PATTERN in daily timeframe. We know ASCENDING TRIANGLE PATTERN is bullish pattern so i am avoiding to take sell side position. This is my personal reason to take only Long side trade if price breakes and closes above 986.30 level. The stock is in consolidation zone about 16 months. So as per my understanding it has gain sufficient momentum to show the upside rally in further trading sessions.
Entry = One can initiate the trade in the long side if prices successfully breaks and closes above 986.30
StopLoss = Stop Loss below 943.10. The reason behind placeing stoploss below its recent support level because i have seen many times the price could take support
exactly at recent support level and went up so to avoid Stop Loss to be hit i have given some buffer/ Tolerance to the Stop Loss.
I always believe in Factor of Safety.
Target = I have marked 2 targets (1)1071.55 (2)1137.85. But you can exit your trade if price is about to hit your target levels. If your 85% - 90% target achieved then you
can exit from your trade to avoid further volatility(If you want to play safe).
Entry = One can initiate the trade in the long side if prices successfully breaks and closes above 986.30
StopLoss = Stop Loss below 943.10. The reason behind placeing stoploss below its recent support level because i have seen many times the price could take support
exactly at recent support level and went up so to avoid Stop Loss to be hit i have given some buffer/ Tolerance to the Stop Loss.
I always believe in Factor of Safety.
Target = I have marked 2 targets (1)1071.55 (2)1137.85. But you can exit your trade if price is about to hit your target levels. If your 85% - 90% target achieved then you
can exit from your trade to avoid further volatility(If you want to play safe).
Trade closed: stop reached
Order cancelled:
Target 1 has been Reached after 2nd time Breakout to the Resistance level!
Avinash K.