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Exide Industries |
PrashantSarnaik
White Belt
Joined: 02 Dec 2010
Posts: 26
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Post: #1  Posted: Fri Sep 09, 2011 6:07 pm Post subject: Exide Industries |
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Dear guys,
Attaching daily chart of Exide Industries, its interesting head and shoulder pattern. I have drawn two necklines one in which breakdown occured on 26.8.2011 with less volume and stock tried not give breakdown and moved up a little. Selling happend next 4 to 5 days and today it breakdown from the second neckline with large volumes. I know there can not be two necklines of one pattern but if stock would have sustained above 140 and had moved towards 145 to 150 it would have been triple bottom. So a pattern tells a trader in which way to trade. If it would have been triple bottom go long but now h&s breakdown so go short @ I am short at it
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S.S.
White Belt
Joined: 09 Feb 2011
Posts: 241
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| Post: #2 Posted: Fri Sep 09, 2011 8:07 pm Post subject: |
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i thing the neckline what u marked was not correct (casper dada is the best teacher to explain u abt the basics of trend line n other stuff). it just my thought. i m attaching the chart with neckline ......dada plz reply when u get free.
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casper
Green Belt
Joined: 02 Oct 2010
Posts: 1315
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| Post: #3 Posted: Fri Sep 09, 2011 9:19 pm Post subject: |
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| S.S. wrote: | | i thing the neckline what u marked was not correct (casper dada is the best teacher to explain u abt the basics of trend line n other stuff). it just my thought. i m attaching the chart with neckline ......dada plz reply when u get free. |
hi shaumik
yes brother , if we call it "neck line" then ur version is more suitable as this tl is touching "both lows of the head part"
as per previous two breaching, 1st beaching is a result of a gap down [produced a big green candle, which is common case in gap down days] and during second breaching with a big red candle i think some div developed in lower tf which made a back thrust
in h/s, normally two shoulders on each side of head part is seen, but its not very uncommon to have two right or two left shoulders though, so in this regard, this is a valid pattern, but whoever wants to trade bo/bd by eod,mostly for positional, i would like to request to check possibilities of divergence in smaller tfs, if any div develops,then no matter how good the pattern is, full results can not be achieved generally
******
while i was typing this, some thing sparked in mind, im attaching the version, see once, if its the case, then we will be free from the "neck line dilemma" and at the same time, our pattern will be more bearish than normal h/s
[due to sloping down, u may rem  ]
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