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Trading Naked - Reading Candlesticks and other Price Analysis

  • #101
  • Sep 10, 2007 6:31pm Sep 10, 2007 6:31pm
What does everyone think about using candle patterns at significant points of support and resistance?

I notice on GBP alot of days(intraday chart..30 min or 1 hr) that price will show reversal patterns at sup/res either from the daily, weekly or even 4 hr chart.

Look at posted 1 hr chart...bullish engulfing pattern on 9/7 at support and today multiple tails in support area.

opinions please!
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  • #102
  • Sep 12, 2007 5:01pm Sep 12, 2007 5:01pm
Can anyone explain fibo's and stoch's to me? How do you read these and apply them?
  • #103
  • Sep 14, 2007 9:49pm Sep 14, 2007 9:49pm
Quoting freed14
Can anyone explain fibo's and stoch's to me? How do you read these and apply them?
sure, shot me a pm and I will send you a few ebooks for you to print and have - send me your email to along with it

There only ebooks on explaining how to to use fib's correctly and profitably though, which in my opinion is much more important to know then lagging indicators (although it could benefit you to know what they are to).

Want to learn more on stochastics? go to investopedia.com, I'm sure they have a pretty basic explanation you want.
  • #104
  • Sep 15, 2007 6:49pm Sep 15, 2007 6:49pm
Quoting RickW00716
What does everyone think about using candle patterns at significant points of support and resistance?

I notice on GBP alot of days(intraday chart..30 min or 1 hr) that price will show reversal patterns at sup/res either from the daily, weekly or even 4 hr chart.

Look at posted 1 hr chart...bullish engulfing pattern on 9/7 at support and today multiple tails in support area.

opinions please!
good thread here ......as u said the best way to trade candles should be done by getting an explaination and anserwring your self ( why this hammer or this dogi happen here???) if u get the ansewr and u discover the strong Resistance or support level that caused the changed in market behaviours trending you would be so lucky to catch up the market movment from the begaining no doubts

also i recommend using candles from 4H to Weeckly chart only to get the best profitable trades

i ll make sure to put some live charts explaining the idea next days,,,,,

thanks
  • #105
  • Sep 15, 2007 6:58pm Sep 15, 2007 6:58pm
by the way i made in my #100 thread +110 pips ......using this great strategy exactly from 2.0160 to 2.0045

forget the indecators and trade clasical analaysis if u want to get benfits.

see u latter
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  • #106
  • Sep 28, 2007 12:25pm Sep 28, 2007 12:25pm
no commet!!!
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  • #107
  • Jan 10, 2008 12:28pm Jan 10, 2008 12:28pm
got a question about reading candle sticks on forex charts...some of the patterns rely on gapping from one stick to another. considering that there is a general lack of gapping in forex, should i ignore these patterns or just modify
them to not include the gap...tia
  • #108
  • Jan 11, 2008 7:19am Jan 11, 2008 7:19am
I just learned Harmonic Trading and looked for patterns in the history, I just wanted to share this gartley with you...

This chart may see messy so let me explain it to you:
1. We have the classic X-AB=CD (bullish gartley) pattern with a small ab=cd pattern within the AB leg of the garley
2. From left to right: The first fibo is of the small ad leg (or the big AB leg)and we see it bounces right of 76.8 (c) and 61.8 (C); The second fibo is the BC leg and shows an entry target 1.27 (D); The third fibo is the XA leg and shows a bounce right of 61.8 (B) and 76.8 (D)
3. Although this chart has only 2 harmonic numers broken (XA 76,8 and BC 1,27) in the entry zone, I would have traded this setup because the rest is so perfect.
4. Entry at the bar with the arrow (ofcourse Why? The previous bar is a bullish bar that brokes high of the one before.
5. SL is at 161.17 (1 pip below low)

Although I do have problems with this setup:
1. NO clue when to exit
2. Dunno where I should move my SL the next min/hour/day... For now I just look at R/S levels
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Happy Pip-hunt... KISSes
  • #109
  • Jan 16, 2008 11:38am Jan 16, 2008 11:38am
Can you continue posting. I understand some of the waves but havent studied this particular setup. THanks.
  • #110
  • Jan 17, 2008 1:54am Jan 17, 2008 1:54am
Quoting evilmonkey
got a question about reading candle sticks on forex charts...some of the patterns rely on gapping from one stick to another. considering that there is a general lack of gapping in forex, should i ignore these patterns or just modify
them to not include the gap...tia

Hello

Use only the daily chart for reading candles

u can use minimue 4H chart or 1H

Nashwan
  • #111
  • Mar 11, 2008 5:21pm Mar 11, 2008 5:21pm
This is big. We'll have to see how things settle up 7 hours or so from now, but if the carry pairs can hold on to these change of direction candles on the dailies, it could prompt long-term shorts to cover. Seven hours however, when measured in trading time can be a loooong time...

rote by Senior Market Strategist / Broker
Jay Norris


Hello all with this interested subject i would confirm that carry trades will move agin among with the equity market preforming better...... lets enjoy the long weakness with JPY from the recent prices to 105 then 109 soooooon
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  • #112
  • Mar 11, 2008 5:26pm Mar 11, 2008 5:26pm
DOW seems like will see 12352 then 12762..................
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  • #113
  • May 16, 2008 11:11am May 16, 2008 11:11am
Target Has Been Made

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  • #114
  • Edited 11:51pm Dec 28, 2008 2:10pm | Edited 11:51pm
i am newbie to forex, till now 2 months. last month i have been with many indicators,now find the naked chart the best. begining to learn on the naked chart by using candlestic + R/S. thank you the thread owner.
  • #115
  • Dec 28, 2008 11:53pm Dec 28, 2008 11:53pm
17 candlestick formation

Hope help anyone...

Joldas.
Attached File(s)
File Type: pdf 17Candlestick.pdf   103 KB | 5,663 downloads
  • #116
  • Dec 30, 2008 6:16am Dec 30, 2008 6:16am
This is such a great thread.

It is funny how easy it is to make money once one removes the 'indicators' from the chart.

Reminds me of the first time I rode my bike - without training wheels. It was liberating to look behind me and see that my parents had secretly removed what I really didn't need.
  • #117
  • Edited 7:17am Dec 30, 2008 7:03am | Edited 7:17am
Hi great thread. this is how i used to trade on FX. I do use indicators now but that's cuz I trade on 15min and I have had massive trouble trading pure price under 4 hours. the tails and false breaks just kill u.

I still use pure price in looking at chart when not using the sytem.

this is a Aussie share ANZ bank I did this for a guy at work. the price did complete the overall descending triangle and went down big time. the short was given and confirmed on the final low being closed below.

cheers
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  • #118
  • Dec 30, 2008 7:10am Dec 30, 2008 7:10am
here's another chart on the usd that i am watching very closely. it's the monthly $ index.

I am a $ bull but like all tech trading u have to adapt and change with what the market tells u.

we have a triangle pattern with a break out. the line is a fib point and i want to see 75-80 hold as a support area to support the break out theory.

cheers
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  • #119
  • Edited 4:47am Jan 1, 2009 4:35am | Edited 4:47am
This is a weird group of candles I have either not seen before or not noticed.

Anyone know what this setup is termed? I know one is four price Doji candle, a gravestone, a couple of dragonflies & 3 Marubozu (Bald Heads) but it is just so strange to see them all grouped like this.
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Starting to see instead of just looking.
  • #120
  • Jan 1, 2009 5:28am Jan 1, 2009 5:28am
What time frame chart is it? And when in the trading day did it occur? (While gold was on dinner break?)
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