Connecting the swing highs with a trendline and the swing lows with a trendline create a symmetric triangle where the two are moving towards each other. A triangle can be drawn once two swing highs and two swing lows can be connected with a trendline. Since the price may move up and down in a several times, traders often wait for the price to form three swing highs or lows before drawing the .
Applied in the real-world, most triangles can be drawn in slightly different ways. For example, figure one shows a number of ways various traders may have drawn a on this particular one-minute chart.
The breakout strategy is to buy when the price of an asset moves above the upper trendline of a triangle, or short sell (sell the asset before it hits a lower price, intending to buy it back even lower) when the price of an asset drops below the lower trendline of the triangle.
LEVELS MENTIONED ON CHART FOR THIS TRADE.