Today, I will try to make a complex looking chart into a clean & simple one (only useful for people who are PATTERN based trader/analyst)..1/n
Further as disclaimer, the presented way will be more useful for people who have followed Martin Pring's book on chart patterns.. (images taken from Kindle version of the book)
![](https://pbs.twimg.com/media/EYMP-rHWkAAFlQN.png)
![](https://pbs.twimg.com/media/EYMQLUgXgAASPeK.jpg)
![](https://pbs.twimg.com/media/EYMRFGjWoAAyi73.jpg)
There are 4 types of BARs.
Up Bar: Today's High > Previous day and Low > Prev Day,
Down Bar: Today's High < Previous day and Low < Prev Day,
Inside Bar: Today's High < Previous day and Low > Prev Day and
Outside Bar: Today's High > Previous day and Low < Prev Day..
Up / Down / Inside / OutSide...
Data Point selected:
-High when UP
-Low when Down
-Previous day's value when INSIDE
-High when previous day was High & Today is Outside
-Low when previous day was Low & Today is Outside
What a clean chart can show in having more clarity...
#HINDALCO Daily chart
* Third attempt of base formation breakout
* Speculative buyers very active here
* Short term RS line is near the roof
* Volume Profile suggests that the stock may clear resistance this time.
![](https://pbs.twimg.com/media/EYlwfaNX0AY53gF.jpg)
Logic: RS Line dropping at major resistance zone
![](https://pbs.twimg.com/media/EZnMB7yXYAIyDDJ.jpg)