Symmetrical Triangular PatternThis pattern provides a good success rate. Entire trade strategy is explained in the chart with markings of levels.
Note: This is the trade we have taken in past, and not a recommendation of future trades. This is just for knowledge sharing on technical analysis and chart patterns.
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Triangle
Intraday Triangle Breakout on BankNiftyExample of a bullish symmetric triangle breakout on BankNifty as observed on the 15 min charts.
As the price moves between the converging trendlines, the point closest to the tip of the triangle, presents a good entry point to go long. The stop loss for the trade was the previous swing low and the target was the day's high. Giving a good 80-90 point profit, with a risk of only 30 points. 3:1 RR ratio.