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We can observe that there is breakout from triangle at 9:50, but I will not be taking trade at this point. Reason being, at 1331.90 three candles have been rejected, so if a candle crosses that resistance level, then I will make an entry. We can not ignore multiple doji's , where it is indicating market indecisiveness. Hence, I arrived at this decision




Update at 10:05 :

We can see another candle being rejected at the plotted resistance line. So it is important to pair candlestick patterns with strategy for better results, we should not just blindly follow strategy. It also helps in eliminating unnecessary entries. But if a candle crosses that zone , then we can expect potential healthy rally.



Update at 12:15 :

We can observe in the above chart, resistance level is still playing strong role. So our decision of not making an entry until it crosses that zone was correct. Hence it is so important that we combine strategy with candlestick patterns and support/ resistance lines as that will give us a good result.



Update as on 12:55 : 

1. There is a breakout from triangle downwards at 12 :50 

2. Price also went below the day's opening candle opening, giving signal that there could be potential downward rally. 

3. If price goes below the blue line plotted above i.e 1314.55 , I will consider it as an additional confirmation and then I will go 'short' .



Update as on 1:25 :

1. We can observe that price has gone below the line plotted above as we wanted, so taking an entry at 1312.50 with 200 qty.

2. Since the breakout happened after 12:30, our target is first red line (S1) which is at 1304.75

3. Stop loss is black line inside the triangle 1321

4. We can also observe so many candles formed before breaking out of the support line plotted above at 1314.50. Therefore, there are more chances of downward rally.    




Update at 2:50:

1. Stop loss set is still not hit. New stop loss is 1316.95 , where I can see lot of resistance being shown.
2. Price is struggling to go further down, but we can see lot of resistance, buyers are struggling to take the price higher inspite of multiple tries. 
3. Support level identified around 1310-1311. If the price struggles there, I will be making exit with minimum profit. If no struggle, then I will hold my trade till the the target or 3:10 which ever is earlier.


Update at 3:10:

1. Price neither hit stop loss nor target, but had to exit at 3:10 at 1314.50
2. loss - (1312.50-1314.50)*200 = 400








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