Pattern Trading

[aca_trader]

Hi Ashish,

You have sweat the Software providers by auto scanning the patterns!!!!!
This will be really great!!

I would try my best to update the thread......
Do keep on posting the patterns.

Really Thanxs
Winston

Hi Winston!

I have tried using John Murphy's Chart Pattern Recognition Plug-in for Metastock. But IMHO, it's not upto the mark. I do have patternz but it gives error so I have not been able to use it.

Currently, I am using the manual method of scanning the charts only.
Thanks for offering to help in updation.

Best Regards,
--Ashish
tradingtalks.bogspot.com

 

[darsh_goswami]

Good work Ashish,..

Will try to put some patterns over here,.. as soon as i will find out anything good..

And about pattern scanning,.. I feel nothing is better then ur eyes,..

The pattern scanning softwares , indicates the pattern after it get compiled ,.. so its non of use for an active trader ,.. ya may be good one for those who wants to study patterns from the historical charts,..

If you have sharp eyes , patterns cant be hidden from u...

All the best
Regards,...
Darsh..

 

[kkseal]

Hi Ashish,

You have started a great thread. A good thread on pattern study was missing in the forum.

Just a question on the indices.
Aren't we running a risk of a DOUBLE TOP till 14455 (i.e. a 2nd peak within 3% of the 1st one). Between the two peaks we have a valley till 12800.

Thankfully the 1st peak (14035) was on relatively low volumes and the 'valley' was V-shaped (& not rounding etc.). The time span is also not much. We broke out early from the symmetrical triangle that followed the bottom.

Still would like your opinion on the same.

Regards,
Kalyan.

Moreover the volume during the descent was actually higher than what it was when the 1st peak was made and we retreated less than 10% from the top (& have recovered fully in less than a mth).
The worry is that till yesterday we were moving up on volumes lower than the first peak. But hopefully it will rise as we cross the previous peak (this will bring in the fence-sitters) and as the holiday mood gets over.

2 fundamental worries remain though - 1) Reddy raising int rates 2) The Industrial Production figs for Nov-Dec. These can spook the (New Year) party more than the Technicals.

Regards,
Kalyan.

 

[aca_trader]

Dear Friends!

LT/Provogue/LumixInd/Finantech have given breakouts from patterns like Symmetrical Triangle, Rounding Bottom, H&S Top, etc.

Infrmation on Entry, Exit & SL points alongwith charts can be found over here.

Further, you will be delighted to note that Primesecu achieved its 1st target of 66 (Entry-59) on 4th Jan. Thus achieving 12% profit on the second day of entry. Congratulations to all the traders who benefitted from it.

Best Regards,
--Ashish
http://tradingtalks.blogspot.com.

 

[winstonn]

hi Ashish and all friends,

Nifty forming Ascending triangle on weekly Charts.
Break above 4000 on weekly basis is a good trigger for continued uptrend.

thanxs
winston

 

[rahulg77]

Hi ashish,

your view on ths.......a long triangle......a breakout above 135 could be nice and even the target would be nice...

Rgds

Rahul

 

[J_D]

Hello Friends,

The chart of TVS Motors is showing the pattern of Double Bottom. Any Comments.

Regards,
John

 

[rahulg77]

Hello Friends,

The chart of TVS Motors is showing the pattern of Double Bottom. Any Comments.

Regards,
John

Hi John,

It has reached a plac where it can form a DB. But it might go down also. On daily charts 78 is a good support so it might move up again from here. But to be a valid Double bottom it has a long way to go. It has to break its valley at Rs.127/- and then it will be a DB.

There is a smaller Double bottom which will be valid after a break above 90 and if breaks its valley at 90 will have a target of nearly 105.

Ashish comments


Rahul

 

[ragh_ash]

dear ashish,
Congrats on new Blog. It is wonderful knowledge source.
and i could not thank u enough for that.
at same time my small suggestions.
1) would it be possible to post Charts in white background(as background of blog is Dark)
2) can the post be more informative regarding date when they are posted?(it is still easy to find out but in case it is possible that one can find out at a glance it will be great help)
regards

 

[rahulg77]

Dear Ash,

for your comments. gas authority. Broadening triangle with flat top shows accumulation. it has broken out and is just above the BO. BUt the chart seems very noisy to me.

Hero honda looks nice and is a triangle in formation.

Liberty shoes is another triangle with a BO already and its run up. But long tails on the candlestick suggest it might pull back a little. this one is definately a played stock as it did big vlumes just 2-3 days prior to the start of the pattern.

Rahul