Learning to catch High Probability Breakouts

[amitrandive]

Fourth time through a level of support or resistance is powerful and one should go with the direction. Means that if a stock is in a downtrend and testing support for the 4th time then your trade should be in the direction of the trend i.e short. Most likely the support may give way. Same with resistance.

Thanks for explaining Riskyman.
:clapping:

 

[Riskyman]

Thanks for explaining Riskyman.
:clapping:

Do you live, eat, sleep on this thread? Your replies are instant!! :thumb:
I mean it in nice way

 

[amitrandive]

Do you live, eat, sleep on this thread? Your replies are instant!! :thumb:
I mean it in nice way

Riskyman

During market hours yes,surely.

 

[XRAY27]

Bharti Airtel testing support at 340 for the 4th time. CMP is 346. Also making a H&S pattern. Pattern breakdown decisively can take the stock to? THIS IS NOT A TRADING CALL. THIS IS INTENDED FOR EDUCATION PURPOSE ONLY.

i'm adding my two cents here !!! when ever there is a chart pattern,there will be a Trap zone which i have marked..off course this is my practical observation ...

 

[amitrandive]

i'm adding my two cents here !!! when ever there is a chart pattern,there will be a Trap zone which i have marked..off course this is my practical observation ...

Xray

First upper level is the support , what is the second level?
Is the second support near swing low , an intermediate support ?

 

[XRAY27]

Xray

First upper level is the support , what is the second level?

Amit just see the chart on the left side before the run up ..rejection area... it is not the general support and resistance

 

[amitrandive]

Amit just see the chart on the left side before the run up ..rejection area... it is not the general support and resistance

Thanks Xray !!!
Only an efficient chart reader like you can mark this.
:clapping:

 

[XRAY27]

Thanks Xray !!!
Only an efficient chart reader like you can mark this.
:clapping:

Thanks for the words !!

 

[Riskyman]

Amit just see the chart on the left side before the run up ..rejection area... it is not the general support and resistance

Thats a congestion zone you have marked i.e markets unsure of whether to go up or down. Finally bulls take over and as we see price breaks out. Problem with bharti is that a lot of traders will be watching for a breach of 340-335 level and start going short on any pull back.

Take a look at Bharti again where i have marked breakdown from a previous support from the 380 levels. Notice on the left similar congestion zone.

Guess sometimes as traders we have to take a position and hope it plays out. If it works the rewards can be sweet. If it doesnt take a small hit and get out. Check the last 3-4 days price action marked in a blue circle. Seeing some intraday pull back from 342 levels.

Take a look at Hindalco. Descending triangle. Facing resistance every time it goes to the trend line. Has already taken support at 140 on 4 occasions and now heading down there again. I have marked a H&S in red which did give a breakdown but reversed much before meeting the pattern target. Also you will see there is a small H&S marked in blue which played out dot to the target of 140. Lets see what hindalco will do if & when it gets to 140.

 

[amitrandive]

Sunpharma Breakout

Daily Chart of Sunpharma.