MAHINDCIE, A morning star appearedif you club the price action of the two recent candles (22nd and 23rd) as one single candle i think we have a valid morning star.
1. price is above long term moving averages of 150 and 200 SMA ✔
2. Price is not above short term moving average of 50 SMA ❌
3. Uptick in RSI ✔
4. MACD Ok ✔
5. price breaking out from triangle pattern ABC ✔
6. above average volumes ❌
It looks like a good risk-reward trade. More conservative approach maybe to see better volumes.
Price penetrating and closing below the lower parallel line of the pitchfork will mean the idea has failed.
**I will be posting ideas for my own journal-ing and learning sake and to hopefully spark up educational discussions. Please do not construe them as recommendations as I am just an amateur here to learn :)
Symmetrical Triangle
RAIN INDUSTRIES - PROFITS GONNA RAINOnce can take short term position above 260 and can reach the 320 levels. Stop Loss,Entry,Exit is provided in the charts
Wait for the breakout with larger volume and enter it.
This is for Educational purpose only...
LXCHEM in PoleFlagit shows symmetrical triangle and pole flag pattern on daily chart. have it on watch list for a potential 60% upside.
Hdfc bank StudyHDFC Bank spot CMP :- 1687
Elliot wave + Harmonic + Chart patterns + Price action.
Time Frame : Daily
Chart Patterns :- Rising contracting wedge formation on larger scale, with demand line around 1590-1600 levels, act as good support for the counter and supply line around 1800-1830 which would act as strong resistance levels,,
Symmetrical triangle formation ( black dotted line coincide with harmonic pattern) counter gave break out from this formation around 1490-1510 levels, pattern have height of 248 points,, which after breakout would lead to a measured move of 248 points, so from breakout levels move of 248 points would lead to 1755-1770 levels, which would act as intermediate resistance for the counter.
pre covid life high for the counter was around 1305 levels from where counter gave a fall of 566 points, once this life high was taken out counter is continuously maintaining its uptrend till date, now adding same points to previous life high would give us the maturity point of the measured move,, 1305+566 = 1872, These will be the levels to be watched for maturity of uptrend..
Elliot wave :- Counter is trading in 5 impulse leg of impulse phase,, counter recently gave a breakout above the level of previous swing high which was around 1640 levels, and have entered the final upside leg of the impulse phase,,
wave 1 consist of 280 points, wave 2 have retraced around 70% of wave 1 which can retrace around 61.8 to 88.6% as per theory.
Wave 3 consist of 815 points, which is extended around 2.618% of wave 1, according to theory it should be between 1.618 to 3.618% of wave 1 and is longest and strongest wave of impulse phase.
Wave 4 have retraced around 38.2% of wave 3, which should be around 23.6 to 50% of wave 3, wave 4 always have shallow corrections and time consuming, they are in forms of triangles, zig zag and flats.
wave 5 should be in form of ending diagonal or wedge form where volumes are lighter than volume of wave 3, it can be equivalent to wave 1 in terms of points or in terms of % move,, but should be less than range of wave 3,
Calculating probabilities of wave 5 , if wave 5 is extended wave of wave 1, we get 280*1.618 = 454 points.
low of wave 4 is around 1353 levels, 1353+454 = 1807,,
if wave 5 is retracement wave of wave 3, we get 815*0.618 = 504 points.
low of wave 4 is around 1353, 1353 + 504 = 1856.
from this we get range of 1807-1856 between which last leg of impulse phase might mature.
Harmonic pattern : Bearish crab pattern formation on daily time frame with PRZ level around 1815-1840, last leg of formation might mature around this levels, from where the probabilites of reversal becomes higher.
Levels as per symmetrical triangle, 1756 as resistance level
levels as per elliot wave , 1807-1856 as resistance levels
Levels as per measured move, 1872 as resistance levels
levels as per harmonic study, 1815-1840 as potential reversal levels
Levels as per rising contracting wedge,1800-1830..
So from all this 1756 would act as intermediate resistance levels and range of 1810-1850 would act as stiff resistance zone where lots of patterns and study are maturing in same range.
Figuring out if a breakout is genuine? (EDUCATIONAL)A perfect breakout setup has :
(A) Volume Expansion- Whenever a breakout happens the first thing you might want to check out is if Volumes are increasing i.e. people are getting into it or not. If there is no interest of people in that stock, that breakout might not sustain.
(B) Popping out of highest traded clusters- I don't know why but people hardly use volume indicators like Volume Profile which give you an idea. Volume is plotted horizontally but in VP you get volumes plotted vertically along with the price so it becomes very easy to figure out if people are interested or not. Whenever price moves out of a highest traded zone/cluster, it indicates that either bulls or bears are back in action depending on the breakout side.
(C) Bullishness in Momentum Indicators like RSI, MACD- Again these momentum indicators work well on higher timeframes like daily, weekly and tells us about the momentum and strength. Here the RSI was struggling nearly an year for breaking above 60 and this time it did so it tells us about the strength of a breakout.
(D) Ideal Risk to Reward is an important factor that you definitely need to check out. For swing/positional 4R (1:4 Risk to reward) should be there and Risk should always be calculated before taking trade with position size defined!
HAPPY Trading!
VEDL SYMMETRICAL TRIANGLE BREAKOUTNSE:VEDL
VEDL gave a breakout from the symmetrical triangle pattern on 4th October with higher than average volume and after giving one green candle after the breakout it retraced back to the downward sloping line and it started retesting. It didn't breakdown below that line confirming that the uptrend is still in place.
LALPATHLAB : Triangle pattern LALPATHLAB
trading in a triangle pattern. Wait for breakout any side before entering. Chart from 15 min TimeFrame only.
This is for educational purposes only and my personal view. Please check from your end before entering in to trade.
Please Like and comment for more & regular studies for Nifty , Banknifty & Stocks.
ROUTE - Symmetrical Triangle BreakoutThe stock has broke out of the pattern, and looks likely to follow the upward trend.
Refer the chart for the suggested targets.
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If you have any queries/suggestions related to above pattern, feel free to type below in the comment section.
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Apollo Tyre breakout is possible in short periodApollo tyre has been following the triangle for the past 3 months and you can expect a breakout anytime, now it has retested and possibilities are high to give a breakout in the coming days
Equitas looking really good for a breakout soonAfter a breakout this stock has been in my watchlist for sometime to give breakout. the first target is 140, A symmetrical triangle has been formed.
Jai Corp looking good for a breakout soonJai Corp looks really good forming a symmetrical triangle and it will be breaking out in short period of time
Symmetrical Triangle about to break.CDSL has shown some good uptrend in the past six months, now it is in a consolidation phase after a good price correction. We can see while correcting the volume is very low which is a good sign and shows that sellers are weak. Latest candle formed is a strong bullish candle with an above average volume gives a hint of buying interest. A unique thing is that for the past half a month the deliveries are 100%.
Other indicator's signals:-
Momentum = RSI above 60 on all time frames (monthly,weekly,daily).
Trend = Price is respecting the trend line since retest.
Relative Strength Comparison = Outperforming nifty50 as well as midcap index.
ENTRY= above 1380
SL= below 1290
Target= 1580
SPICEJET | Triangle Bullish BO{{Trade Setup}} : A Weekly symmetrical triangle is observed forming since Dec'20. Price breakout was printed on 13th Sep'21 supported by breakout volumes. After breakout & retest, price is sustaining outside the triangle range.
{{Targets /SL}} : A safe entry can be initiated above 82.65. Targets are set as the triangle pattern height at 118. SL will be a weekly closing below 60.
Note : Please take trades after making your own analysis. This chart is a showcase of my analysis alone, & the trade mentioned is one I'll be taking based on my convictions. This is NOT a trade recommendation.
BANKBARODAFirst it broke out of triangle pattern and now it breakout of inverted Head and Shoulder pattern.
Can expect bullish momentum in coming days.
NIFTY BANK. "The key to success is to lose small and WIN big,”Here in Nifty Bank a Symmetrical Triangle is being created. Keep an eye out for a good trade.
I am presenting this only for the purpose of learning. Please trade at your own risk.
"The key to success is to lose small and WIN BIG"
BTCUSD Symmetrical Triangle 4HBTC is forming a Symmetrical triangle which could lead BTC price to $46777.5 approx. I have published a idea of Rising wedge, if that's plays out then I believe this Symmetrical triangle will play out evantually.
DCMSHRIRAM - Symmetric Triangle BreakoutThe stock is about to breakout of the pattern and move up towards reaching the previous 52W high and if the trend continues it can cross 1400 levels.
The trade can be initiated if the stock crosses and sustains 1070.
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If you have any queries/suggestions related to above pattern, feel free to type below in the comment section.
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SELF EXPLANATORY SERIES : QUICK ANALYSIS ON HATSUN AGRO PRODUCT.In this self explanatory series I will be posting charts with pure technical analysis only without full length explanations , Traders can ask their doubts in comments section, Happy trading.
Disclaimer : This idea was to just give you an insight about my own view and personal observations. Please do your own research or consult an investment advisor before doing any investment or trading.
Levels for - 05 Oct 2021EXPLANATION : This is a 30 min time frame chart of RELIANCE . It has formed Bullish flag breakout & has been in a sideways for day and formed Symmetrical triangle pattern ; A symmetrical triangle chart pattern represents a period of consolidation before the price is forced to breakout or breakdown. A breakdown from the lower trendline marks the start of a new bearish trend , while a breakout from the upper trendline indicates the start of a new bullish trend . Both side levels marked in chart
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Levels for - 05 Oct 2021EXPLANATION : This is a 15 min time frame chart of NIFTY . It has been in a sideways for day and formed Symmetrical triangle pattern ; A symmetrical triangle chart pattern represents a period of consolidation before the price is forced to breakout or breakdown. A breakdown from the lower trendline marks the start of a new bearish trend , while a breakout from the upper trendline indicates the start of a new bullish trend . Both side levels marked in chart . for downside target will be pending small gap .
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Levels for - 04 Oct 2021EXPLANATION : This is a 1 hour time frame chart of ITC , It has formed Symmetrical triangle pattern ; A symmetrical triangle chart pattern represents a period of consolidation before the price is forced to breakout or breakdown. A breakdown from the lower trendline marks the start of a new bearish trend , while a breakout from the upper trendline indicates the start of a new bullish trend . Both side levels marked in chart.
If you like this analysis give a Like // Follow for more updates , let me know in comments below :)
Levels for - 04 Oct 2021EXPLANATION : This is a 15 min time frame chart of BAJFINANACE , It has formed Symmetrical triangle pattern ; A symmetrical triangle chart pattern represents a period of consolidation before the price is forced to breakout or breakdown. A breakdown from the lower trendline marks the start of a new bearish trend, while a breakout from the upper trendline indicates the start of a new bullish trend. Both side levels marked in chart.
If you like this analysis give a Like // Follow for more updates , let me know in comments below :)
