Banknifty levels for 18/06/2020

Today Banknifty gave breakout on upper side as we discussed yesterday shown with arrow in below picture.

Went till yesterday's resistance zone shown below with red arrow, and came back to triangle.

Let's go to lower time frame to see zoomed picture for more clarity.

Below is yesterday's resistance zone marked with two horizontal blue lines.

Price gave breakout today from oblique resistance trend line shown below and went till yesterday's zone and came back down.

As we discussed yesterday, there are 3 ways to trade this setup.

1. Breakout traders could have gone long above breakout candle shown with arrow, but risk:reward was not favourable as shown below, as most appropriate target was yesterday's strong resistance zone.

As shown above R:R was only 0.76, which should be ideally atleast 1.5-2 !! Though target achieved but risk was much higher.

2. To trade retracement, price started downward from yesterday's resistance zone shown below,

and reached to our oblique trend line shown in purple, made inverted hammer pattern also,but didn't get follow through in next candle, and in next candle broke trend line.

3. Which comes to third method discussed yesterday, that price will go into triangle again, which happened.

So, for tomorrow 18/06/2020 also our triangle is valid 😅, with same 3 ways to trade ~ in-between triangle from boundaries of triangle, OR ~breakout to downside or upside with above shown levels!!!