DislikedThis is the second chart for USD/JPY to prove and confirm that the buy signal is stronger and we doubled checked that by looking at different time frames. Lets wait and see next week where will it take us
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DislikedThis is the second chart for USD/JPY to prove and confirm that the buy signal is stronger and we doubled checked that by looking at different time frames. Lets wait and see next week where will it take us
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DislikedThis is third confirmation that makes buy signal stronger. There is a Doji candlestick right after the hammer.
Tell me what you think if you see something else that I don't see even if its a good or bad sign. Thanks
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DislikedNot trying to pick faults,but that's not a hammer. It's called a hanging man. It's exactly the same, the only difference is whether it occurs in an uptrend or downtrend.
If price has fallen, it's a hammer.
If price has risen, it's a hanging man. It's a bearish signal, but you should wait for confirmation, with a lower close on the next candle, before trading it.
Also, candles are best traded with major support/resistance. You can see the signals all the time, but it's the location where they appear on the chart, that is important.
hope this helps...Ignored
DislikedBrother, here is a picture that described where the hammer and where the hanging man is. enjoy
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DislikedI know that 2 candlesticks of DOJI is a sign of potential reversal, but the ones on the chart do not look like DOJI, can DOJI look like the one candlesticks I circled on the chart?AttachmentIgnored
Dislikedi like this thread..
i wanna join here..
Could I?
Miza is my name....
lets learn Candlestick togetherIgnored
DislikedDojis by themselves, IMO, don't show a reversal. They show INDECISION. You need further confirmation before you can call it a reversal. Remember, these types of patterns simply show us what COULD be possible. We need confluence before we enter the trade.
I look for the following:
1. Nice signal, like a pin bar, engulfing bar, etc...
2. Check the overall trend. Try to stay with the big trend
3. Check if it is near a support or resistance line
4. Check the potential TP/SL based on the support or resistance
I need at least 1:1 risk to reward...Ignored
DislikedShaggy_rock,
In addition to what you mentioned, I personally like to use the gap analysis, which is helpful when projecting price targets.
An old Japanese trading adage goes, a dip and rally are absrobed into the window (gap). Surprisingly this still holds true even after centuries.
As the gap is hard to find in Forex (except Monday opening gap), please try identifying them in commodity and stock markets as the gap is usually filled before the price movement changes its direction, which is so mysterious as the Fibonacci.Ignored
Just fade toward the direction where the window was opened, which must be one of the easiest strategies to implement.
Please make sure that knowing a dip and rally are absorbed into the window we can get a clue to the potential retracement/target levels.
Happy trading!