Head and Shoulder pattern in Polycab on hourly timeframe chart. A breakout is imminent as the overall tone of the market is bullish. A short term swing trade is on.
Targets are: 1. depth of right shoulder, 2. depth of the head.
Stop Loss: close below previous day low (for F&O), low of right shoulder for cash trades.
PS: I am holding a long position.
Greetings. The plan is simple Price action was in a rising wedge and the formation would have been a channel except for the bulls were causing it to wedge up instead of the bears causing the wedge to break down. Think of wedges as channels except for one party, buyers or sellers, has a lot more power. The bias has been bullish due to the inverted head and...
Nobody can deny that EURUSD is almost 4 months downtrend since May 2014 after the double top pattern.
Now EURUSD almot reach the lowest support area since May & July 2013. We think this is the possible reversal area @ 1.2800 that buyers will take control the price to push EURUSD for LONG direction.
StopLoss : 1.2720
Entry : Potential Entry...
