In this post, we will see how to read harmonics buy charts and how to take trade accordingly.
Harmonics Buy Charts
Below are some live trades which were taken by us in past. For reference, we have mentioned the time frame used for drawing the charts.
Reliance Industries: 2Hr chart
In this chart D is our entry point and X is our Stop Loss. The difference between D & X is our target.
For example for the above stock Reliance
D is 1540
X is 1534
The difference is 1540-1540=6 point, therefore our target will be 1540+6=1546.
Reliance Industries Updated Chart
Reliance touched 1540 and made a high of 1451
KEI Industries: 1D chart
KEI industries was falling very badly but near 432 it formed bullish bat.
In the above chart our X is above D so we cannot use X as stoploss therefore we use fibonacci retracement to find out stop loss.
KEI Industries updated chart
Using fibonacci retracement we were able to find stop loss in KEI which was around 416.
D (Entry point) 432
SL 416
Target : 432+(432-416)=448
Hope you were able to understand harmonics buy charts and can take trade accordingly next time we post harmonics chart.
Below are some charts for learning purpose.
BDL: 1D chart
BDL Updated chart: Entry was @287 High was 305 SL 277
ITC : 1 D Chart
ITC Updated chart: Entry was @238, made high of 248 SL was 235
Hope you were able to find this post useful. Thanks for reading.
