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W pattern in Idea

Discussion in 'Technical Analysis' started by kaisarimam96, Apr 3, 2014.

  1. kaisarimam96

    kaisarimam96 Member

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    Dear All,

    As per my personal opinion W pattern has been formed on IDEA daily chart. Please see attached chart. One can long at 142.00 i.e. current price with stoploss of 134. My Target is 155 and above.

    Please offer your comments and observations.

    Best Regards
    Kaisar Imam
     

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    kaisarimam96, Apr 3, 2014
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  2. shabbir

    shabbir Administrator Staff Member

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    Yes W is definitely ON
     
    shabbir, Apr 3, 2014
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  3. kaisarimam96

    kaisarimam96 Member

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    Last close was at 146.00
     
    kaisarimam96, Apr 8, 2014
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  4. ravirajpr

    ravirajpr Responder

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    Hi Kaisar,
    Yes it is W pattern
    however do note the 1st resistance is around 150 zone

    Do review the risk/reward ratio based on your entry price, SL and target.

    If your SL is 134
    and entry is 146 then risk is 9%

    If target is 155 the profit is 6% which is 0.75:1

    I usually take trades where there is a potential of 1:2 R/R i.e., the reward should be twice the amount risked as this will help to improve trading gains over a longer period of time. Again this is individual's preference.
     

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    ravirajpr, Apr 8, 2014
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  5. srspriya06

    srspriya06 Active Member

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    Those who are holding Idea cellular, Keep watching it as there is a strong resistance around 150.
     
    srspriya06, Apr 10, 2014
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  6. verenmitter2001

    verenmitter2001 Member

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    Dear all,
    IDEA cellular is making a fresh W.
    Can be enter with SL of 138 once result is out and Volitility is settled.
    Please share your views..

    Regards
    veren
     
    Last edited: Apr 28, 2014
    verenmitter2001, Apr 28, 2014
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  7. srspriya06

    srspriya06 Active Member

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    Wait for the breakout of W pattern @ 144.7. Then it could be a buy at 145 .
     
    srspriya06, Apr 28, 2014
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