Intraday Triangle Breakout on BankNifty
Example of a bullish symmetric triangle breakout on BankNifty as observed on the 15 min charts.
As the price moves between the converging trendlines, the point closest to the tip of the triangle, presents a good entry point to go long. The stop loss for the trade was the previous swing low and the target was the day's high. Giving a good 80-90 point profit, with a risk of only 30 points. 3:1 RR ratio.
As the price moves between the converging trendlines, the point closest to the tip of the triangle, presents a good entry point to go long. The stop loss for the trade was the previous swing low and the target was the day's high. Giving a good 80-90 point profit, with a risk of only 30 points. 3:1 RR ratio.
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