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Nifty Daily chart Invert H&S

 
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Author Nifty Daily chart Invert H&S
hermish9999
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Joined: 01 Sep 2007
Posts: 9

Post: #1   PostPosted: Sat Aug 01, 2009 6:46 pm    Post subject: Nifty Daily chart Invert H&S Reply with quote

PL. check here Invert H&S in NIFTY daily chart or not!

Waiting for your reply.

Thanks.
He$H...



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Niftymagic
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Joined: 27 May 2009
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Post: #2   PostPosted: Sun Aug 02, 2009 11:47 am    Post subject: not a H & pattern Reply with quote

Not a very convincing pattern as per me,

the left and right shoulder should be almost at the same levels which is not there in this pattern, it simply shows the uptrend.
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pinak_k
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Joined: 23 Jan 2009
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Post: #3   PostPosted: Sun Aug 02, 2009 12:16 pm    Post subject: Reply with quote

no its not a H&S...uptrend with caution...
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amitkbaid1008
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Joined: 04 Mar 2009
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Post: #4   PostPosted: Sun Aug 02, 2009 10:52 pm    Post subject: Reply with quote

No Hermish

This is not at all Inverted Head and Shoulder pattern

Can you view the right shoulder

Even if you can view it is not perfect as it is not as much deep as the left shoulder and also neckline is not perfect.

Actually these Candlestick patterns are very difficult to draw and interpret.
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Class
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Joined: 07 May 2008
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Post: #5   PostPosted: Tue Aug 04, 2009 7:44 pm    Post subject: Reply with quote

Hi Hermish,
I replied to your later post earlier Smile Now the pattern is complete I agree that it is inverted head and shoulders and I also agree with the other that it isn't very convincing because it has shallow shoulders. I believe that you have the neckline correct and the neck line for inverted H&S doesn't have to be horizontal it can be angled. The price came back to retest the resistance neckline as new support so the patter completed itself.

Also I agree with the other reply that you will find it easier to identify patterns if you view as a price line rather than candlesticks. Use candlesticks to decide on entry, stop loss and gaps.

Hope this helps, all the best,
Successful trading,
Class.
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