Thursday, July 26, 2012

Symmetric Triangle Pattern in Silver

Silver is forming a Symmetric Triangle Pattern in Daily Chart. A symmetrical triangle is simply defined as a technical pattern forming a triangle from a descending resistance line and ascending line of support. Since silver is in a very tight range, so traders must wait for a breakout to trade. Below is the chart of silver;


6 comments:

Bukka Reddy said...

Hi Sir
Same Triangle is there in Cairn India. Will the breakout in the direction of moving avg. crossovers?

Unknown said...

Mr.Sudarshan Sukhani,
For a swing trader in nifty future following a system, in your opinion, what is the minimum average profit(nifty points) per lot per month and maximum drawdown(percent of capital) to consider the system as good one. Position size is adjusted to keep the risk as a percent of capital same for all trades.
Thanks,
Prabhakar.

sometimesbullsometimesbear said...

Would this not qualify as a wedge pattern as well as contraction?

Rajat said...

Since I had no clue how to send the chart that I have analysed so I am posting this on comment:-

Nifty is following th etrend of Lower High lower lows since 2010 when it made a high of 6300, the attched chart will give more meaningful review of what I mean to say this was followed till it got a long term support at 4550, then it again bounced back but a lower high was made around 5600 from where it fell again taking a long term trend line support at 4850 and again bounced back to conquer the highs but failed again to create a lower high which again has started a downtrend there is a small support at 4900 which if breaks there is long term support again at 4750 range a break of which gives way again to 4500 mark.

Not sure if this a meaningful analysis but would like to have your share if I am in a correct direction as trading is my passion and I will pursue it, success comes or not is a different Issue.

Alos finsihed your Book today the best part was after completing I realised my mistake and it was the "The Close" I had been undercapitalised and always wanted crackers in my pocket expecting a 40%-50% retunr on my Capital in a month, but now things are clear 12%PA is the target and believe me I will get it, I know I can. Patience is the key for long term survival.

Not sure how to send the chart as copy paste doesn't work, or the same is also there on my Blog:-

http://pratham-rajat.blogspot.in/

Prashant Shah said...

Hello Sir,

Have been following your posting since almost a year and enjoy it a lot.

There is a trend of Algo trading system in India also now a days. What is your take on it? As far as i know every system logic has a phase to perform. I have seen in backtesting of many trending systems that results are very different even in trending phases of various samples. Then how to design a strategy based on the same? And according to you, what importance should be given to success ratio in a backtesting?

Thanks
Prashant Shah
Pune

ramprasad said...

hi sukhani,
Yesterday u had recommend to buy 5200call&put.yes i too think so,
previously i did the same but both run in to loss.

please tell me the SL for 5200p/c both value is 185.
thank u,
ramprasad.