Nifty opened gap-up with cues from global market, came down closing the gap and moved into narrow range, with draining volumes till afternoon forming a channel marked in aqua lines in the chart. At 2:30 it gave break out above channel.
Here we can also see triangle, but it is not to be trusted for trading because:
- Volumes also not confirming the triangle Break out
- The breakout happened near the apex
It is better to treat the upper line as just support/resistance trend line.
Below is Nifty futures chart on 5 min time frame:
My trades:
- Went long at 3387 after the channel break out + filter
- Stopped out at 3402, with trailing stop loss (WRB low).
- 15 points profit after a boring day.
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