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As per the attached chart, the triangle is formed with the duration of approx 45 days. The breakout happens at 70% of the triangle with high volume during breakout.
Trade Plan: Direction- Bearish, Position-Short, Entry below 138, SL-148, Target 128
Dear Sir / Madam,
Your analysis is perfectly right, except the entry level. We can take short entry position at 140 itself, because the fight between the buyers and sellers is over at 142, which is reflected with good volume in the chart. Please correct me if I am wrong.
Hello Sir, Thanks a lot for the feedback. High volume is expected at the breakout to confirm the triangle pattern and the position can be created only when the value goes below Point B in the triangle(at 139). Since the Point B and the previous low are very near I have considered the entry as previous low.
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