tryin2trade: A Tale Of Two H&S's!!!

Saturday, July 18, 2009

A Tale Of Two H&S's!!!

5 comments:

naresh1711 said...: Hi Manoj

That makes it 2 heads & 4 shoulders, much easier to pinpoint and mange then devilish 10 heads of ravana with 2 shoulders. Anyways looking forward to >4500 golden crossover as in your dictionary what if breached but not sustained does it invalidated or H & S remains intact and likelyhood of targeting neckline again.; July 18, 2009 at 10:10 PM
Anonymous said...: nice view sir.. well i also see the bigger pic showing an inverted H&S in formation with a neckline connecting the the two heads.. which, If broken!
Massive upward targets!?!; July 19, 2009 at 2:50 AM
Ilango said...: hi..Manoj,

If this one plays out with a breakout above 4700(Neckline)and a subsequent pull back and head higher, the target is the height of the head..2450 points(4700-2250)..4700+2450=7150..!!!.

Best regards.

ilango; July 19, 2009 at 9:05 AM
Tryin2Trade said...: Naresh1711 Hi

Yeah..10 heads on 2 shoulders would have been indeed Devilish and a nightmare!

Now I would see the current formation as a down channel (bull flag)!

Cheers!; July 20, 2009 at 10:19 AM
Tryin2Trade said...: Ilango Hi,

Yeah the targets a re huge and attainable too!

But one thing in giving such targets is that you are crucified by most of the guys who read all this stuff!!! See most of the ppl would scoff at you for giving such targets because as a crowd they want instant gratification!

One should realize that if the pattern has been formed over a long period of time the resultant targets would also take some time!

Anyway for traders its trading between the next support and resistance!

Cheers!; July 20, 2009 at 10:23 AM

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