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nimbuz90
Jan 18, 2018 4:03 PM

IOC - Symmetrical Traingle pattern broke on counter side.  

INDIAN OIL CORPNSE

Description

Symmetrical traingle has been in formation for some months . But it failed to breakout upside. Instead it brokedown and it has a bear closing on today's daily candle.
Cmp is around 378.

1st setup : Short trade ( Intraday )
Depending on tmr's opening, trade can initiated at two levels.
a - 382 to 384 level on retracement.
b - Below 378 on bearish candle confirmation.
SL - 386 for both.
T1 - 367
T2 - 365

2nd setup : Long trade ( Positional )
If the price reaches 365 level and gets support , then entry can be made based on bullish candle at the said level.
Else wait for the prices to give a clear make or break signal and proceed further.

My own personal view and is purely for education.
Thanks.

Trade active

Comment

Trailed SL to 383

Trade closed manually

Didnt work for intraday. Closed @ 381
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