Trader's
Price Channel Pattern
Explanation :
Ticker : Indigo Time frame : Daily (31 Aug'21) Pattern : Channel Expectation : Breakout/Breakdown (↓ or ↑) Reality : appreciation in price (↑) Position : Enter on breakout or breakdown Go long if breakout Go short if breakdown Lesson : To avoid fakeout risk, wait for re-test Ideal entry : Breakout & Retest, when resistance become support (OR) Breakdown & Retest, when support become resistance
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- When a stock fails to touch the either of the line, there is a probability of a breakout on the other side. At zone (A) and zone (B) stock failed to touch support line, this indicates there is a possibility of breakout at resistance.
- If a stock gives fakeout then there is a chance of breakout on opposite side.
fakeout*: breakout + moving back into channel
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