Symmetric triangle pattern breakout.

 6. Price Action Strategy - Short term counter trade and symmetric triangle pattern.

• We all know that if the market makes a symmetric triangle pattern and gives a breakout, then it will take a re test to make higher high. 
• All we know is this, but the fact is even if it gives a breakout at triangle pattern, we need to check if there is any major and strong resistance levels nearby.

We will check this example of SBIN and find out the real truth of the market. 

• In the above image, we can see the SBIN is given a breakout of the symmetrical triangle pattern and took the retest. Every retailer will wait for the re rest to enter in a low price.

• As we can see in the above image, the market is at major resistance levels, so it may not go up ward and it may surely hit the stoploss of the many retail traders. 

• As we are trading in SBIN, we can check Bank nifty for double confirmation whether the stock will go down or not.

• Main two confirmations: SBIN is facing major resistance levels, Bank Nifty is in nearby to its resistance zone. 

As we can see in the above image, bank nifty is also facing major resistance levels, so it might be the confirmation to SBIN that it will also go down and hit the stop loss of many retail traders. 

Note: In order to earn from stock market, we need to think differently and act with few evidence and confirmation to enter the trade. 

If the market is choppy and doesn't have a setup to enter the trade, then leave that stock or index and try to trade the other big stocks like reliance, SBIN, HDFC etc..

I hope the above information is helpful.

Happy Trading :)