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Nifty Daily chart Invert H&S |
hermish9999 White Belt
Joined: 01 Sep 2007 Posts: 9
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Post: #1 Posted: Sat Aug 01, 2009 6:46 pm Post subject: Nifty Daily chart Invert H&S |
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PL. check here Invert H&S in NIFTY daily chart or not!
Waiting for your reply.
Thanks.
He$H...
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Niftymagic White Belt
Joined: 27 May 2009 Posts: 1
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Post: #2 Posted: Sun Aug 02, 2009 11:47 am Post subject: not a H & pattern |
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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 White Belt
Joined: 23 Jan 2009 Posts: 6
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Post: #3 Posted: Sun Aug 02, 2009 12:16 pm Post subject: |
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no its not a H&S...uptrend with caution...
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amitkbaid1008 Yellow Belt
Joined: 04 Mar 2009 Posts: 540
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Post: #4 Posted: Sun Aug 02, 2009 10:52 pm Post subject: |
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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 White Belt
Joined: 07 May 2008 Posts: 11
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Post: #5 Posted: Tue Aug 04, 2009 7:44 pm Post subject: |
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Hi Hermish,
I replied to your later post earlier 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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