CEAT - Playing with Cypher Pattern -Extended X-Factor Trendline

It is not a cypher bookish pattern as D-leg should be retrace only 78.6% of XA leg but in present case it has extended to 130-140% of XA.

I am playing with X-factor Trendline which passes exactly at the top of 1472 recent top where possible D-leg can end.

2 points to confirm a trendline & 3points to draw a valid trendline is what technical analysis teaches- so here is the application with some cypher juices modified.

Trading Strategy
Once Ceat starts falling below 1418- recent low -we will look to sell. Once pattern activates -recent high below 1472 high should be put as stops for lower targets.

İşlem aktif:

15:15 Hrs 17th April2017

Pattern activates only when previous low@1418 gets broken on the downside.

İşlem elle kapatılmış:

14:35 Hrs 18th April2017

Last Price@1446

Closing The Update- Call did not activate below 1418.