Trading With Chart Pattern
- Thread starter soumya_b
- Start date
Dear Nick
Your pattern truly looks like an inverted HNS one...but it fails to qualify one vital criteria of any HNS pattern. That is volume on the left shoulder should be the highest...followed by that on the head and finally by that on the right shoulder. On the contrary, here, volume below the left shoulder is the lowest and that below the right shoulder is the highest.
Anyway, the stock will most prob move upward due to breakout of the double top resistance line on high volumes. You can trade this counter keeping SL on the blue horizontal line u've drawn.
Your pattern truly looks like an inverted HNS one...but it fails to qualify one vital criteria of any HNS pattern. That is volume on the left shoulder should be the highest...followed by that on the head and finally by that on the right shoulder. On the contrary, here, volume below the left shoulder is the lowest and that below the right shoulder is the highest.
Anyway, the stock will most prob move upward due to breakout of the double top resistance line on high volumes. You can trade this counter keeping SL on the blue horizontal line u've drawn.
i am attaching three charts here, please comment on the chart formations.
CESC -- is this Head & Shoulder Pattern, i think the volume negates the pattern, still your comments would be appreciated.
DISH TV -- is this flag pattern the big bullish candle does that qualify as pole of the flag.
HCC -- is this inverse Head & Shoulder pattern, i know that the price has fallen from the neckline, still wanted to clear my doubt.
thank you in advance.
CESC -- is this Head & Shoulder Pattern, i think the volume negates the pattern, still your comments would be appreciated.
DISH TV -- is this flag pattern the big bullish candle does that qualify as pole of the flag.
HCC -- is this inverse Head & Shoulder pattern, i know that the price has fallen from the neckline, still wanted to clear my doubt.
thank you in advance.
Attachments
dear friend,
CESC : in my view, to qualify as H&S pattern, first, trend should be up and not down.
DISH TV : flag is a continuation pattern. in your case it is breaking out up i.e. giving a sort of reversal pattern. although volume more or less justifies it, the flag is longer than it should have been. normally flag should take less than 3- weeks whereas here it is taking more than that. so may not qualify as flag.
HCC : it is in the first instance. however, as price is again falling through the neckline, it may be considered as failed inverted H&S pattern.
these all are my views. others please correct if i am wrong.
regards,
nick
CESC : in my view, to qualify as H&S pattern, first, trend should be up and not down.
DISH TV : flag is a continuation pattern. in your case it is breaking out up i.e. giving a sort of reversal pattern. although volume more or less justifies it, the flag is longer than it should have been. normally flag should take less than 3- weeks whereas here it is taking more than that. so may not qualify as flag.
HCC : it is in the first instance. however, as price is again falling through the neckline, it may be considered as failed inverted H&S pattern.
these all are my views. others please correct if i am wrong.
regards,
nick
Dear nick,
Please keep up the good work and keep us updating your findings.I know it takes a lot of time/dedication to go through the charts. Many a times h&s patterns fail mainly because of volumes.I have a feeling this particular pattern would fail coz according to this pattern the target price of unitech should be negative or somewhere less than 20 rs.Sorry i dont have my charts as of this moment hence just replying through eyeballing the charts you have posted.
all the best my friend
Please keep up the good work and keep us updating your findings.I know it takes a lot of time/dedication to go through the charts. Many a times h&s patterns fail mainly because of volumes.I have a feeling this particular pattern would fail coz according to this pattern the target price of unitech should be negative or somewhere less than 20 rs.Sorry i dont have my charts as of this moment hence just replying through eyeballing the charts you have posted.
all the best my friend
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