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  • #1,301
  • Nov 5, 2006 7:24pm Nov 5, 2006 7:24pm
yes Dojis hammers are very powerful on the daily chart at key SR zones.
  • #1,302
  • Nov 5, 2006 9:03pm Nov 5, 2006 9:03pm
Quoting TheJungleLion
Thread hijacker located

Simple Doji formations on daily charts, and how they affect price moves.

I do not have to say anything here, its a very well known and tested / backtested or whatever you call it.
The graph speaks for itself. That is very powerful with the doji candles.
  • #1,303
  • Nov 5, 2006 9:06pm Nov 5, 2006 9:06pm
Received an email from a person who trades the news and says that the upcoming manufactoring and industial report could move the gbpusd 30 to 50 pips. Anybody have a take on that. It looks positve for the gbpusd to go up.
  • #1,304
  • Nov 5, 2006 10:04pm Nov 5, 2006 10:04pm
FF have messed up the forecast. They are forecasting 0.1 but everyone else is forecasting 0.4 which should be positive for the GBP in the run up to the report. Of course whether or not there's follow through depends on the actual number.
  • #1,305
  • Nov 5, 2006 11:04pm Nov 5, 2006 11:04pm
ya, i would also like to know everyone's thoughts about the news that is going to hit and what it will do to the pair. as of right now, i am short from 9023. any thoughts?
  • #1,306
  • Nov 5, 2006 11:16pm Nov 5, 2006 11:16pm
Quoting PipRipper
I agree. Otherwise you just take advantage of the free money handed out everyday at 5PM EST. Don't you just love it? Beats working for a living.
Dear sir, which pair(s) do you mean? Sorry for small question, but I am a newbie lol.
  • #1,307
  • Nov 5, 2006 11:24pm Nov 5, 2006 11:24pm
Quoting slowbutsure
Dear sir, which pair(s) do you mean? Sorry for small question, but I am a newbie lol.
OK should have read the thread before posting.
  • #1,308
  • Nov 5, 2006 11:26pm Nov 5, 2006 11:26pm
Quoting tomhen
Can you explain what you are seeing.

Thanks

Tom

Quoting jarroo
Have you read the James16 chart thread,Tom?

Jim

I guess that's a no.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #1,309
  • Nov 5, 2006 11:42pm Nov 5, 2006 11:42pm
looks like i will be closing out my short before i head to bed tonight, thoughts?
  • #1,310
  • Nov 5, 2006 11:51pm Nov 5, 2006 11:51pm
GBP news has an unbroken track record of leaking before the announcement, so expect it to be already priced in by the time of announcement.

And since I opened my shorts based on the doji, I am not closing it or leaving it. I will sue the doji if it goes against ....
  • #1,311
  • Nov 6, 2006 3:31am Nov 6, 2006 3:31am
The Office for National Statistics has the same news lock in system that US departments have. European data are definitely leaked - you can pick up the rumour numbers on squawk boxes - but UK data seems pretty tight. I don't know where you get the idea it's always leaked.
  • #1,312
  • Nov 6, 2006 8:12am Nov 6, 2006 8:12am
Quick, you're a good analyst. well done.
" master your setup, master your self "
  • #1,313
  • Nov 6, 2006 8:19am Nov 6, 2006 8:19am
GBP/USD has been heading into a flag pattern on H1 charts and below for the past 5 hours and I wonder whether it's going down to ~8920 or back up to ~9000 for now?

Any bet takers?
Consistency and patience is everything
  • #1,314
  • Nov 6, 2006 8:20am Nov 6, 2006 8:20am
Some good looking corrollations there Quick. Good stuff.
Profit is where readiness meets Opportunity
  • #1,315
  • Nov 6, 2006 8:34am Nov 6, 2006 8:34am
We can't predict the market. But if the price break the upper trendline i will close my trade.

Quoting Geldmeister
GBP/USD has been heading into a flag pattern on H1 charts and below for the past 5 hours and I wonder whether it's going down to ~8920 or back up to ~9000 for now?

Any bet takers?
Attached Image
" master your setup, master your self "
  • #1,316
  • Nov 6, 2006 8:47am Nov 6, 2006 8:47am
Here is another analysis on weekly chart using median trendline. It looks more accurate.


QS.
Attached Image
"Invest With The Insiders, Not The Masses" George Muzea
  • #1,317
  • Nov 6, 2006 9:54am Nov 6, 2006 9:54am
My immediate intial rection to that chart when I first see it is sell. First reaction for me is to notice the megaphone(expanding trading range) with a good downside.
Profit is where readiness meets Opportunity
  • #1,318
  • Nov 6, 2006 10:11am Nov 6, 2006 10:11am
Quoting TheJungleLion
Thread hijacker located

Simple Doji formations on daily charts, and how they affect price moves.

I do not have to say anything here, its a very well known and tested / backtested or whatever you call it.
Going back to those dojis, I noticed they don't look much like dojis on my charts because my charts obviously use a different time for the open/close cut off. Given that there is no official open and close in forex, is it sensible to read much into daily candlesticks? Obviously if you're trading stocks where there is an official open and close, a doji or a hammer would be very significant but if you're trading forex where the open is a second after the close and could be midnight GMT, 1630 GMT, 2000 GMT, 2100 GMT or 2200 GMT depending on what your consider to be the close, how can you sensibly read anything into a daily candlestick?
  • #1,319
  • Nov 6, 2006 10:19am Nov 6, 2006 10:19am
Quoting notouch
The Office for National Statistics has the same news lock in system that US departments have. European data are definitely leaked - you can pick up the rumour numbers on squawk boxes - but UK data seems pretty tight. I don't know where you get the idea it's always leaked.
He gets the idea from the same place most of us do. From the currencies propensity to move prior to the announcment. It is pure speculation on our part. It could just be plain old traders on their best guess moving tha market but a data leak sure sounds more interesting.
Profit is where readiness meets Opportunity
  • #1,320
  • Nov 6, 2006 10:25am Nov 6, 2006 10:25am
Quoting notouch
Going back to those dojis, I noticed they don't look much like dojis on my charts because my charts obviously use a different time for the open/close cut off. Given that there is no official open and close in forex, is it sensible to read much into daily candlesticks? Obviously if you're trading stocks where there is an official open and close, a doji or a hammer would be very significant but if you're trading forex where the open is a second after the close and could be midnight GMT, 1630 GMT, 2000 GMT, 2100 GMT or 2200 GMT depending on what your consider to be the close, how can you sensibly read anything into a daily candlestick?
So you are stating that candlestick trading doesn't work in forex because it is a 24 hr market? That would mean that the same corresponding daily bar strategies don't work either?

If that is what you are suggesting, I can't agree. Candlesticks and bars are a perfectly valid way to guage price action. Over the years there has been a very good language developed around both bars and candlesticks to help traders see what the market is doing.
Profit is where readiness meets Opportunity
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