Symmetrical Triangle and Parallel channel Multi Breakout
Idea: I am using 1 D Time frame in Minda corp here
Tools: Using the Fibo tool for retracement purposes ( as the stock went up fast so to a resistance level, so we need a retracement of at least 50-60% fibo for low risk trade else its fine for a risky trader to enter ( ofcourse at your own risk, take financial advisors advice too if needed )
Thought process: The stock 1st breakout was a fake-out as a hidden parallel channel was in action too at that time also, see the candle size too, it was small, now the candle size is more significant and bullish close too with good volume.
Trade type: Activated as per my setup ( you do your analysis and find a good trade spot as per your setup too )
Target and Stoploss depend from person to person. General Target is the red supply zone ( also the top of the pattern )
Stop loss can be decided on your own at your own risk (it's a person's risk appetite tool )
Good luck
Tools: Using the Fibo tool for retracement purposes ( as the stock went up fast so to a resistance level, so we need a retracement of at least 50-60% fibo for low risk trade else its fine for a risky trader to enter ( ofcourse at your own risk, take financial advisors advice too if needed )
Thought process: The stock 1st breakout was a fake-out as a hidden parallel channel was in action too at that time also, see the candle size too, it was small, now the candle size is more significant and bullish close too with good volume.
Trade type: Activated as per my setup ( you do your analysis and find a good trade spot as per your setup too )
Target and Stoploss depend from person to person. General Target is the red supply zone ( also the top of the pattern )
Stop loss can be decided on your own at your own risk (it's a person's risk appetite tool )
Good luck
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