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 143
137.6 target reached
since it was gap down did not get chance to trade though.
137.6 target reached
since it was gap down did not get chance to trade though.
Trade closed: target reached:
BREAKOUT happened @ 9:15 candle
made high of 152.3 ( our target was 152.4) before coming down.
made high of 152.3 ( our target was 152.4) before coming down.
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.