The Index 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.

Take Long position only if the Index closes above the parallel channel in a 5min time frame with RSI above 53, if the RSI is above 80 ignore. The Index should trade above the EMA.

Take Short position only if the Index closes below the parallel channel in a 5min time frame with RSI below 40, if the RSI is below 20 ignore. The Index should trade below the EMA.

Rising Parallel Channel

Feb 11 2023