It is been observed on hourly chart that the price action forming a Descending Triangle after the breakout from the Ascending Triangle . Now, Tomorrow breakout shall decide the further market movement. Regards
make it very simple. downward or upward. break out and break down are very confusing especially when the stop loss trigerred when we predict it will go up or go down.
@venkaticr, Actually it's very simple if you understand correctly. Let me Help you with That.
This is a Clear pattern here you don't need to predict whether it will go up or down. Don't predict but wait for Price to break Blue Lines on Closing basis.
If tomorrow you get nifty closed below FLAT BLUE line you can sell. Or if it closing above Descending BLUE line Then you can Buy.
@Tyrant, Thanks for showing interest and explaining the methodology of doing trading. I will keep monitoring and see on daily basis to understand the significance and importance of these Border lines.
@ajayww2, I mean breakout from the triangle, it may breaks toward upside or downside of the triangle. We will have to wait till first hour of market session. Regards
Comments
This is a Clear pattern here you don't need to predict whether it will go up or down. Don't predict but wait for Price to break Blue Lines on Closing basis.
If tomorrow you get nifty closed below FLAT BLUE line you can sell. Or if it closing above Descending BLUE line Then you can Buy.
Use stop loss as per your risk appetite.
It's Very Simple
Best of Luck :)