IMTF™ Indian Stock Market: 6 time frame Buy Opportunity. We received a 6 iMTF™ Strategy email multiple timeframe email alert today. Here is the email alert:
For the opportunity, we can trade either a 10m, 60m, 120m, 240m time frame because it has the bullish shaded area on the charts for these time frames. Here is the 240m time frame:
The chart shows price is a bullish consolidation pattern. Therefore, the breakout trade has the highest probability. A pull back would be only for an aggressive trade.
Since no breakout entry was triggered, we will look at the aggressive view of doing a pull back trade.
To keep our risk low, we are going to look at the 60m for a pull back trade. Here is the chart:
When the email alert was seen, the last green shaded area had just started. We had black crosses which are the swing/long iMTF™ Support so we could put a pull back trade there. With that as the entry, the initial stop at the green dots, and a target at the top of the consolidation pattern, a 3:1 reward/risk was seen.
The trade reached the target and then reversed.
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