SHIBUSDTThere is a long consolidation or sideways price action seen within parallel channel,
when it has given breakout, there was a good intensity of volume at breakout candle,
also it was along with trendline breakout in (RSI) relative strength index too, so it was double confirmation
as per channel breakout, target should be equal to depth of channel, which was achieved almost double.
one can go long in this type of scenarios with stop loss of Low of breakout candle, because there was a good volume.
Another breakout seen in flag pattern with increasing volume and rsi breakout same as above, which was again double confirmation.
here target as per flag pattern should be equal to highest depth of flag pattern, which was achieved very nicely,
one can go long in this type of scenarios with stop loss of Low of breakout candle.
These types of patterns are working very wonderfully in any type of stocks, commodities, forex etc. etc.
Usually risk reward ratio also allows to trade in this types of patterns.
Enjoy Learnings,
Thanks.
Disclaimer
I am not sebi registered analyst
My studies are for educational purpose only
Consult your financial advisor before trading or investing
