For Beginners Way to Profitable Trading by Bhanu Prakash Yadav “Rudra”

Author:Bhanu Prakash Yadav “Rudra”
Language: eng
Format: epub
Publisher: Notion Press
Published: 2017-05-22T00:00:00+00:00

Chart Description: Above chart is a daily chart of Tata steel, after a long downtrend inverse H&S pattern was formed, which finally marks the reversal.

The minimum expected target in H&S pattern should be the height of the head measured from the neckline.

Double Top

Fig. 3 is a simple representation of double top pattern. It is a major reversal pattern that occurs after an extended uptrend and hence marks a reversal. It has two sharp peaks; the two peaks may or may not be of same height.

A double top pattern is confirmed when the prices are in an uptrend, they rise to a level then get reversed from there, again bulls take control and prices rise to the previous level, then they decline below the previous support.

Volume should be less in the process of forming second peak.

The time period between the two peaks can also be used an important factor, if the tops made are very close, then there is great probability that they are the part of the consolidation and it is very likely that trend will resume.

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