Orient Electric -Triangle pattern formation
Orient Electric after trading in a consolidation triangle pattern on Friday gave huge momentum on the upside with good volume.
How to identify false breakout?
On the initial breakout from a range or other chart pattern, a rise in volume indicates strength in the move. Little change in volume or declining volume on a breakout indicates a lack of interest and a higher probability for a false breakout.
If the price gives a breakout on the upside and respects the upper trendline confirmed by good volume, traders can go long.
Let's see what happens.
Note= Get in the habit of focusing on your trading system and following the process for
entries, exits, and position size, rather than the money you are making or losing
at any particular moment
Orient Electric after trading in a consolidation triangle pattern on Friday gave huge momentum on the upside with good volume.
How to identify false breakout?
On the initial breakout from a range or other chart pattern, a rise in volume indicates strength in the move. Little change in volume or declining volume on a breakout indicates a lack of interest and a higher probability for a false breakout.
If the price gives a breakout on the upside and respects the upper trendline confirmed by good volume, traders can go long.
Let's see what happens.
Note= Get in the habit of focusing on your trading system and following the process for
entries, exits, and position size, rather than the money you are making or losing
at any particular moment