IMTF™ Indian Stock Market: 6 time frame Buy Opportunity

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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About the Author Manesh Patel