HINDALCO INDUSTRIES LTDUpdated Triangle Breakout
The stock forms a triangle pattern when there is a tug of war between BULLS and BEARS
AC line will act as resistance line.
BD line will act as support line.
when to trade : The candlestick has to break the support/resistance line with increasing volume to confirm the direction.
STOP LOSS: If the breakout is upwards then support line will act as stop loss.
If the breakout is downwards then resistance will act as stop loss.
PS : This is 15 minute candlestick chart so the targets are most likely to achieve in 1-2 days.
The accuracy of this strategy is 80%.
AC line will act as resistance line.
BD line will act as support line.
when to trade : The candlestick has to break the support/resistance line with increasing volume to confirm the direction.
STOP LOSS: If the breakout is upwards then support line will act as stop loss.
If the breakout is downwards then resistance will act as stop loss.
PS : This is 15 minute candlestick chart so the targets are most likely to achieve in 1-2 days.
The accuracy of this strategy is 80%.
Trade closed: target reached
BREAKOUT happened at 143137.6 target reached
since it was gap down did not get chance to trade though.
Note
EDUCATIONAL :FALSE BREAKOUT : The 12:15 candle showed a breakout without increasing volume(one should not take trade in these). Rest the candlesticks followed triangle for the day.
Trade closed: target reached
BREAKOUT happened @ 9:15 candlemade high of 152.3 ( our target was 152.4) before coming down.
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