Rising Channel
KUNAL KAMBLE
JP225·
Nov 14 2022
JP225
The Security is forming a rising parallel channel. A rising channel breakout on the downside has a good success ratio and the failure rate is less than 15%
A breakout on either side will be an opportunity to enter.
Condition 1
Take Long position only if the Security closes above the parallel channel in a 1day time frame with RSI above 53, if the RSI is above 80 ignore. The Security should trade above the EMA.
Condition 2
Take Short position only if the Security closes below the parallel channel in a 1day time frame with RSI below 40, if the RSI is below 20 ignore. The Security should trade below the EMA.
Advice : Trade as per breakout.