This strategy does not work 100% of the time, but it does offer a good risk reward ratio.
If the pattern occurs in the first 15 min, wait for about an hour and observe the price action, and take a trade only after the breakout. Taking a trade too early may result in your SL getting triggered too soon. You want to try and make it harder for the market to trigger...
NSE:COALINDIA
DIFFERENT PRICE PATTERN S FORMED OVER THE PERIOD IN COAL INDIA A VERY LONG DOWN TREND, FORMED A SYM TRIANGLE, AND A LONG TIME PARALLEL CHANNEL FORMATION.
According to Franklin Ochoa in his book relating to pivot points, IGL today classifies as a good "breakway plan trade", since following condition is satisfied:
confluence of opening 15 min price:
1. breaching previous day range
2. breaching previous day R2
3. breaching current day R1
4. succesfully testing todays R1
5. Narrow range CPR stocks
Look at the movement of the price from the chart. Is it amazingly good. All we need to do in this chart is for years we would have been went for buy at support and sell at the trend line resistance. It works all these years perfect.
learn technicals and enjoy each and every trade you take.
Tradersasi.
Relative Strength of the stock Compared the Nifty 50 is moving above 0 line form couple of sessions on daily chart. ( RS Learning courtesy : Premal Parikh)
There is also a breakout of the downward channel on weekly chart.
Because of the lock down, as there are less domestic helpers at households, there is increase in demand for white goods which might result in...
