Trading with EMA, Stochastic and Patterns.

[humble]

Hi guys, been long i'v been to this great site. Now i guess is d time to update d basics again. M posting two daily charts as attachments, plz see the trendline i drawn is correct or not. M kinda confused with the trendline in these head and shoulder candidates.
Plz enrich my trading with ur feedback,even if sumone can reply with his updates or corrections on the same charts,dat will b great. Dnt forget to attach d file or chart pic in which u made ur correction.

Thanks......................

As far as i have understood, this can still be considered as a "Complex Inverted Head and Shoulder" pattern . Good find, let's wait for the pattern to complete and trade the effect .

Regards,
-Sri

 

[humble]

I am seeing a Head and Shoulder pattern on Mini Nifty Futures 1hr TimeFrame.

NeckLine: ~4400, Head: 4733, Negation: >4624.

None of the patterns I have posted here have formed completely :lol:, and I hope this one does not give out it's results .

Incase the price reaches sub 4100 levels, there is a minute chance for creating a double top, with a height of 800 points. Not a good situation for Nifty to be in.

Power of double tops, look at Dow Jones Today, call it following the asian markets or the pattern itself.

This post is not for frightening anyone, identifying patterns is for preparing ourselves, Market is capable of doing "ANYTHING".

-Sri

 

[bunny]

@ Sri aka Humble,
Can you post the above HS chart with volume bars as well? IMHO, volume is required to confirm such a chart pattern.

What if it just resembles the HS shape but the volume does confirm it? Just being optimistic :d

 

[humble]

@ Sri aka Humble,
Can you post the above HS chart with volume bars as well? IMHO, volume is required to confirm such a chart pattern.

What if it just resembles the HS shape but the volume does confirm it? Just being optimistic :d

Here you go Bunny, with volume.

As per theory, the Right Shoulder should be lower, so the effect may be reduced by this flawed "Symmetry". Neckline is slanting downwards. For the volume confirmation, I believe we need to wait for the price breakdown from today's closing level "a big black candle is needed".

Surprisingly SGX Nifty was just ~-10/-20 by EOD today inspite of Dow Jones -170/200.

Let's wait and watch what Market has in store for us.

Regards,
-Sri

 

[bunny]

Hi Sri,
The volume does not seem to support the it somehow.

But if you still want to go short, go after the pullback the occurred, and not as soon as the breakdown has occurred.

BTW, there is a hammer at the last candle, and it has leveled up with the 2nd last candle. Also, the volumes on the last two bars is decreasing which points towards reducing selling pressure. Perhaps, there is professional buying on the last and 2nd last candle.

Possibly, we are just entering a channel.

 

[nareshch]

Surprisingly SGX Nifty was just ~-10/-20 by EOD today inspite of Dow Jones -170/200.

Regards,
-Sri

Dowjones futures were trading at -150 at the time our market closes . So, its almost factored in yesterdays trade itself. Now have to watch the morning Cues

Naresh