Week 2 Candle Stick Pattern Idea 3: MEBLOn July 7, 2023, the MEBL chart displayed an inverted hammer candlestick pattern, indicating potential bullish reversal. Here's a trade setup based on this pattern:
Entry Point: 99
Stop Loss: 86
Take Profit Targets:
TP1: 112 (Risk-Reward Ratio 1%)
TP2: 125 (Risk-Reward Ratio 2%)
TP3: 138 (Risk-Reward Ratio 3%)
TP4: 151 (Risk-Reward Ratio 4%)
The inverted hammer candlestick pattern is characterized by a small body and long upper shadow, suggesting a shift from bearish to bullish sentiment. Traders can consider entering a long position at the specified entry point with a stop loss set below the pattern's low to manage risk.
On April 3, 2024 , MEBL chart displayed a Bullish Hammer candlestick pattern. Here's a trade setup based on this pattern:
Entry Price: 213
Stop Loss: 195
Lot Size: 55.56 on Rs100,000 account
Take Profit Targets:
TP1: 231 (Risk-Reward Ratio 1%)
TP2: 249 (Risk-Reward Ratio 2%)
