Saturday, July 18, 2009

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

I'm reading: A Tale Of Two H&S's!!!Tweet this! Posted by Trade Less Trade Smart at 4:47:00 PM

5 comments:

  1. naresh1711July 18, 2009 at 10:10 PM

    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.

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  2. AnonymousJuly 19, 2009 at 2:50 AM

    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!?!

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  3. IlangoJuly 19, 2009 at 9:05 AM

    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

    ReplyDelete
  4. Tryin2TradeJuly 20, 2009 at 10:19 AM

    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!

    ReplyDelete
  5. Tryin2TradeJuly 20, 2009 at 10:23 AM

    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!

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