Dell Technologies Inc - Symmetrical Triangle - Buy OpportunityA symmetrical triangle was formed.
In a symmetrical triangle, the breakout direction usually follows the trend, in this is case it is an upward breakout. However, there's a high possibility that it breaks downward. Therefore, wait for the breakout to happen before trading the breakout. Alternatively, we can trade within the symmetrical triangle
Trading Strategy:
Option 1: Trade when the candle closes outside of the triangle.
Break upwards: Take profit at 200
Break downwards: Take profit at 40
Stop loss position: 6% from breakout price
Option 2:
Trade inside the symmetrical triangle, when the price hits the lower trend line.
Place a buy position with take profit when the price hits the upper trend line.
Stop loss position: 6% from the upper or lower trend line.
