Sintex Bullish Bat Discussion

We draw a primary bullish retracement like this picture to find the line where XD (actually it is called retracement of XA) is 0.886 and construct our tradebox (means entry, stop loss and take profit).

That green triangle is primary bullish retracement. The tradebox is following Risk:Reward = 1:2.

But the best way to put the trade box is to use Fibonacci. You can use any Fibonacci tool but in this example “Trend Based Fibonacci Extension” is used to see how much BC has been extended towards D in terms of Fibonacci.

As you see our entry is at 0.786

It is rightly consolidating on 1.618 level but one could have take profit or partial profit at 1.618 levels instead of 2.618.