Sunday, September 28, 2008

Readers Contribution!!!

Above is the chart sent by my fellow analyst and good friend Shiree Mamgain, his take on NIFTY. As they say a picture is worth a thousand words!!!



I'm reading: Readers Contribution!!!Tweet this! Posted by Tryin2Trade at 10:00 PM

4 comments:

Anonymous said...

I am an learner so please forgive me if i am interpreting the charts incorrectly and guide me on how to look at it .....
I feel like this is the head and shoulder formation and if the nifty goes above the neckline we should go double the price of the difference between head and shoulder, but if we see the Bars before that it shows a clear down trend and thus i feel that we should neglect this pattern. If it would have been an inverse H&S then we should follow it.

Regards,
Vipin

September 29, 2008 at 9:18 AM
Shiree said...

Dear Vipin,
My Dear friend Manoj has allowed me to answer to ur comments.The Head and Shoulder Pattern has more Bearish weight as its been formed at the apex of a descending triangle. Still the clear direction of mkt can only be known if either it breaks down the Horizontal Line of bottom of Triangle at 3760 or the slanting upper side of Triangle at +/-4075. In case it breaks down then we might see the levels of +/- 3100 , equivalent to the height of the HSP. Hope this is useful . Goodluck Shiree

September 29, 2008 at 11:36 PM
Anonymous said...

Thanks Shiree i didn't knew that aspect of the H&S , can you please guide me which book i should refer to, which has such details on all patterns. One of my friend suggested me Technical analysis by Edward & Maggi, is it gud or do u suggest some thing else.

Thank you,
Regards,
Vipin

September 29, 2008 at 11:53 PM
Tryin2Trade said...

Vipin Hi
In my blog I have given a link of the pattern site ...please visit it and get the book by the site owner Thomas Bulkwosky...its a definitive guide on patter studies

September 30, 2008 at 10:42 AM

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