Yesterday I noticed breakout of Sym. Triangle of HDFC Bank-I 60 Min TF, but didn't take any trade, I missed 12~13k buck trade with good RR ratio, now regretting
Here is Chart of HDFC Bank-I 60 Min TF.
Now Bank Nifty-I 60 Min TF also Forming Ascending Triangle. If it breakout with good Volume then it is also around 12k buck trade. Lets see how things unfold.
Yesterday I noticed breakout of Sym. Triangle of HDFC Bank-I 60 Min TF, but didn't take any trade, I missed 12~13k buck trade with good RR ratio, now regretting
Pralhad,
A nice chart and a nice find also. At this time, may I request all the members who are participating in this thread to post their finds here, irrespective of whether one initiates the trade or not. This will definitely help the others as one cannot follow all the counters. Your charts and views will definitely help the others. And another reason is that it will be educative as well (as it's the case here with the calculation of target. Kudos Pralhad :thumb
Let me add a SFFP (Success From Failure Pattern) view on your HDFC Bank chart. If you notice your SL level, that particular down move is supposed to come and test the Support level at the Bottom line of Symmetrical triangle pattern. But it reversed halfway through that down move without touching the Support level (The pattern has failed). If one is able to detect the failure of pattern as this one, and enters the trade on the reversal point, it's supposed to be a big success (Like a profitable "Long" entry noted by Pralhad).
Now Bank Nifty-I 60 Min TF also Forming Ascending Triangle. If it breakout with good Volume then it is also around 12k buck trade. Lets see how things unfold.
The present high seems at the level of the prev major high, but the apparent "CAUSE" of resistence at the previous high seems to have been the 50 Simple DMA, and that has already been crossed. But thats just a POV.