Akhil008

NIFTY | Potentially a Head& Shoulder pattern

NSE:NIFTY   Nifty 50 Index
231 views
5
Watch out for H&S .
Comment: On 10700. Let's see whether support holds.
Can risk entering long with stop below 10690.

Comments

Should we really take a decision in such a short time frame like 1 hour? Should not these patterns are well supported on atleast day timeframe... whats your experience does these patterns work out well in such short time frames...
Reply
Akhil008 theshamik
@theshamik, Well, whether to take decision on hourly time frame is purely your call. Depends on how you would want or how it would work out for you to trade.

I mentioned a potential trade based on two reasons, i) 10700 is a round number and ii) Favourable risk-reward.

Of course, higher the time frame any pattern is considered to be more precise. In this case, Nifty has fallen from 10775. So for me, with potential reward of 75 pts with 10 or 20 pts as stop looks good any day.

Once we're half way through, say 10735/40 I'll just shift my stop to entry and sit and watch comfortably. On other hand Short if 10700 is broken down. Idea is to travel with the trend.
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out