VRShaiju
Short

SHS Pattern

FX:XAUUSD   Gold / U.S. Dollar
261 12 7
Shoulder Head shoulder Pattern Building up. Sell near 1317 towards 1295 and 1284
Head & shoulders patterns "reverse" an existing trend. They are not trends in themselves. Think of a body underneath of the H&S pattern. In other words you need to have a move UP in order to have a H&S top. You need a trend down (body upside down) to have an INVERSE H&S pattern. This pattern you have outlined is not any form of H&S that is any textbook on technical analysis. I look forward to your future charts.
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VRShaiju timwest
Agree.... pattern are always on text book. Identifying on live chart required an extra skill. As you said it normally identifying on trend reversals. As per my experience I use them as trend follower and trend reversal like divergence. Probably I should write a new text book for it. SHS doesnot follow any rules. It's just a pattern as you said. According to my chart it follow the text book rule when it break the Neck... Do you agree..? :)
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timwest PRO VRShaiju
I hope you find patterns that work and give them original labels that make sense to you and share them with all of us. If you feel you have "hit a bullseye" with a prediction or a trade, don't be shy and let us all know about it. Hopefully we can highlight your winning trades and you will build up a good reputation of finding good trades. Keep up the research and "write your book". Keep posting your trades so we can follow your logic and you can make money right in front of our eyes. Good luck!
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VRShaiju timwest
I am not into debate to anyone. To be honest The pattern I posted is not meeting any rules of SHS pattern because of it's tilt. I knew that it's wrong while posting. I am an elliot wave trader. The resistance level I given which is the fib resistance of possible ending of live correction wave.

I am not looking for followers or reputation. I am here to build the trade ideas with your beautiful charting tool which is easy to share and discuss over forum. I trade only gold and I am getting laser sharp entries almost 80% of time by following my ElliotWave chart pattern. I occasionally sharing ideas on tradingview.com because people try to pick and post worthless comment which should lead to loose my concentration on my trade decision. I have a few followers who knows me personally. I manage their hedge fund and I like to be hidden always :)
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najibmulik VRShaiju
Dear vrshaiju! you should not worry about criticism as it is made only to share knowledge. I think this picture best suit the scenario:
snapshot
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Parden me if I am wrong, Head & Shoulder Pattern usually works on up-trend, not downtrend...
+1 Reply
VRShaiju najibmulik
How do you define a trend?
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najibmulik VRShaiju
LHLL
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VRShaiju najibmulik
I think u didn't understood my question well. It's all depends on which window you are looking at (timeframe). On my chart SHS showing in an uptrend which I didn't confirmed when publishing. It more looks like AB=CD pattern rather than SHS. Any way I am expecting a downside move. It came down as expected. However today's daily close will be more interesting.
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najibmulik VRShaiju
agreed...
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