Candlestick Chart: - Breakout of Triangular pattern. - Breakout of Resistance at 436. - EMA 20,50,100,200 + Moving average lines expanded. + All moving average lines are arranged according to their position.
Renko Chart (Brick Size = 5) - 4 Bricks are printed + First 3 bricks formed the base zone. + From the 4th brick it has entered in zone 1.
Conclusion: We can take a long position from 430 to 440 with a stop loss of 415.
Disclaimer: I entered at 435 on a Renko Chart with Brick Size of 5 and I keep the stoploss at 430.
Comment
⋅
- 3 Green Bricks are constructed on Renko Chart of Brick Size 7.5 - Now the base zone is completed and the price tries to enter in zone 1 - Waiting for the breakout on the Candlestick chart.
Trade active
⋅
Today Nifty50 is down by 1.18%
- Gives the breakout of resistance (436) and holds it. - Closed at 436.60
Still holding my trade.
Comment
⋅
The price is testing its 20 periods moving average.
Renko Chart BS=5 We did not get any new solid brick.
I believe your stop loss 430 would hit by now. Do you think it will retest and go high!?
ssvirdi
⋅
@ItsGRule, The overall chart structure looks very promising. And the stoploss level is on the closing basis. When the stoploss level hits then we have to reanalyze the chart. Mostly the stoplosses triggered due to the intraday volatility and for this reason I do not exit my position.