Reversal Identifying

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USD/CAD Monthly candle formed reverse .

AUD/USD Day chart

CAD/CHF M-chart

The monthly and daily Eur/Usd is in conflict.

The monthly Eur/Usd down matches the Monthly Usd/Cad up reversal as they are highly negatively correlated.
And the monthly Eur/Usd is at a strong resistance from years earlier. But the you might wanna wait to see how the Daily plays out first. It might go up to resistance for a retest. Which might be all the way around 1.2100 area.

EUR/CAD M

EUR/CHF M

GBP/AUD M

GBP/CAD M

NZD/CAD M

This is an uptrend ALREADY. At least, what it is on your screenshot...

1. What is the reversal you are talking about?

2. Are you trying to get every NEXT candle direction?

3. How is that you missed the down direction of the last three red candles, then?

Hi Noor16.

I see that You are looking on the last ("0") candle which probably is still forming.
Don't you think that this is quite dangerous, as the price can still change a shape of the candle?
I observed that this often happens, i.e. candle looks like a reversal by most of the time, and then it's changing shape to regular one just by the end.

BR!

Is there any certainty to chart a reversal as it's emerging? Imho, it's better to wait for a change in structure and project a reversal possibility rather than proposing a reversal from an emerging price action.

Trade safe and prosper.

KP

I guess that last candle on the chart is still forming. So, to me it looks like it is not really sure what is gonna happen.
Take a look on the long green candle on the left. The body was much larger than few previous bars so it would suggest possible reversal, or at least waiting by traders to see what will happen. Then there is a correcting short red candle bar, but it is very short and it is red (down) bar. This is not suggesting strong reversal. If it was the same shape but up, then it would be.
So after this we got the last (probably still forming) candle.
If this finishes as it is......
https://www.forexfactory.com/attachm...8&d=1506868581

then this will be very strong signal to go short (down).

Otherwise, if it closes a little bit higher (like the High[] of the previous one), e.g.:



then this will be signal for continuing the trend up.

Hope this is clear - otherwise i'll try to explain....

Regards!

no already done

so it changes everything and I totally agree!
I would also read it as quite nice set of signals to go short, especially on the monthly chart!

Very nice thread friend.
In my opinion, divergence is most powerful tool for identifying major or minor turning point.
My chart using MACD Histogram for catching divergence.
In my chart below, at first divergence, price UP around +1500 pips.
and at second divergence already drop around +200 pips.

Hi Noor16

You have started extremely interesting thread, and unfortunatelly there is no newer content in it.
I hope that You will be continuing this, because the topic of reversal identifying is probably the most crucial thing when trading forex and other equities.
With this one skill only, I think also a kid could succesfully trade forex.

Below a little bit of my trading knowledge.

I often use trend-alike reversal lines. Unlike trendlines, that are drawn LL -> HL and HH -> LH, the reversal lines I draw:

LH -> HH and HL -> LL

reversals are red lines on the below chart


Regards!