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Double top formation is underway in UNIONBANK. The market price is yet to cross the neck crossing line. May be in a couple of days it may cross.
If the Market price crosses the neck crossing line with good volume we can take short position. Or else lets put our hand above our pocket and wait.
The Stop loss and Target can be fixed according to our risk appetite.
!!!!!!! TRADING WITHOUT STOP LOSS IS GAMBLING !!!!!!!
| M | T | W | T | F | S | S |
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| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| 8 | 9 | 10 | 11 | 12 | 13 | 14 |
| 15 | 16 | 17 | 18 | 19 | 20 | 21 |
| 22 | 23 | 24 | 25 | 26 | 27 | 28 |
| 29 | 30 | |||||
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Did it hit the stop loss?
Hi Lakshminarayana sir,
Actually I have not yet started to invest. I am just practicing now.
Regarding this particular entry, it has not yet triggered stoploss or target. As per my trade plan I would have bought the stock on 15th may only. Now the price is dropping down if it would be a double top then target may be achieved.
Leave your mobile number, I will call you.
8122277731
Ok I will call you in the evening.
The two equivalent tops differs with some equal heights raises questions on double tops. But did you notice it formed inverted Head and Houlder pattern and the stock gives clear break out when brokes the right shoulder with huge vol. to reach the second equivalent top as mentioned in your screenshot.
Just my view.
This stock gives Inverted head and shoulder follwed by Double top also per your analysis.classic example of Accumulation and Distribution.
Hi Suresh sir. This post was made by me in the initial stages of my learning. Now if I look at it I could identify mistakes. One important mistake is, during double top analysis the trend (long term) before the double top formation should be positive one. But in this case it is not. So I too think that we cannot classify this as double top.
Another thing i felt now is, I should have used line chart instead of candle stick. Because it would be easy to identify double top in line charts