tRex88
Short

BANKNIFTY SHORT setup - HEAD AND SHOULDERS

NSE:BANKNIFTY   NIFTY BANK
Short BANKNIFTY below 24300

T1: 23950
T2: 23380
T3: 23100
T4: 22300

SL: 24720
Trade active
Comment: Verly close to our T1: 23950

Made a low of 23973 so far
Trade closed: target reached: T1: 23950 achieved
Comment: Trail SL to cost
Where is the neckline for this H&S pattern?
+1 Reply
tRex88 Parasuram
@Parasuram, Sir, the inclined segment is the neckline here
Reply
@tRex88, Ok!
Reply
An H&S pattern with near horizontal neck line is considered as an ideal one,will perform the best.
+1 Reply
tRex88 padiyaraa
@padiyaraa, True! :)
Reply
tRex88 padiyaraa
@padiyaraa, Sir, There is a varied opinion on this subject. Some consider inclined neck line to perform better upon breakout and other consider near flat neckline.
Thomas Bulkowski says "Patterns with up-sloping necklines perform better"

Link for your reference:
http://thepatternsite.com/hst.html
Reply
@tRex88, Nearflat itself say it is inclined. The degree of inclination is subjective.The price will be more trending towards the inclination it says.

But the steepness is different. if the neck line is very steep like 45 deg, it invalidate the pattern.
+1 Reply
tRex88 padiyaraa
@padiyaraa, Thank you sir :)
I got to learn something new as you brought in this topic! Please feel free to share your suggestions and constructive feedback :) _/\_
Reply
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