manyilakhil

Triangle Breakout!!

NSE:IRB   IRB INFRASTRUCTURE
TRADING PSYCHOLOGY : The stock forms a triangle pattern when the tug of war between BULLS and BEARS is at the end stage where one is bound to give up.

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 active: reached target 1
Trade closed: target reached: Reached both Targets

Comments

It opened gap down. So should you consider it target achievedd?
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@mk2312, even though it was gap down it entered the triangle, the candle closed @119.5. from there it went to 119 and our final target 112

If the candle(including the highs n lows)does not enter the triangle then trade would have been cancelled
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MKS1968 manyilakhil
@manyilakhil, 👍👍
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