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Trianglepattren

Orient Electric -Getting ReadyOrient Electric -Triangle pattern formation Orient Electric after trading in a consolidation triangle pattern on Friday gave huge momentum on the upside with good volume. How to identify false breakout? On the initial breakout from a range or other chart pattern, a rise in volume indicates strength in the move. Little change in volume or declining volume on a breakout indicates a lack of interest and a higher probability for a false breakout. If the price gives a breakout on the upside and respects the upper trendline confirmed by good volume, traders can go long. Let's see what happens. Note= Get in the habit of focusing on your trading system and following the process for entries, exits, and position size, rather than the money you are making or losing at any particular moment
NSE:ORIENTELEC
by Indrajit08
3
Banknifty Forming Symmetrical Triangle What is a Symmetrical Triangle ? A symmetrical triangle is a chart pattern characterized by two converging trend lines connecting a series of sequential peaks and troughs. These trend lines should be converging at a roughly equal slope. Trend lines that are converging at unequal slopes are referred to as a rising wedge, falling wedge, ascending triangle, or descending triangle. 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. The pattern is also known as a wedge chart pattern. The price target for a breakout or breakdown from a symmetrical triangle is equal to the distance from the high and low ( shown as Blue Line ) of the earliest part of the pattern applied to the breakout price point. The stop-loss for the symmetrical triangle pattern is often just below the breakout point. Symmetrical triangles differ from ascending triangles and descending triangles in that the upper and lower trendlines are both sloping towards a center point. In contrast, ascending triangles have a horizontal upper trendline, predicting a potential breakout higher, and descending triangles have a horizontal lower trendline, predicting a potential breakdown lower. Symmetrical triangles are also similar to pennants and flags in some ways, but pennants have upward sloping trendlines rather than converging trendlines.
NSE:BANKNIFTY
by kiranrshinde
4