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Daily candle chart

  • #801
  • May 25, 2008 11:29pm May 25, 2008 11:29pm
With USA (Memorial Day) and UK (Spring Bank Holiday) market closed for holiday, low liquidity is expected for the today market. Nevertheless, here is the foreacast:

Based on Daily Candlestick on 23 May (Friday)

USDCHF
- Last Engulfing Bearish: Possible bottom. This is considered a reversal pattern that might indicate a bottom. Look for higher opening to buy. + Oversold.
- Bearish Trending Candle takes over: Bearish continuation.

PREVIOUS CANDLE STICK SIGNAL - Bullish Harami line: “Inside Day”, wait for next signal and look for reversal.


USDJPY
- Bearish Harami Line: Indecision in market. “Inside Day”, wait for next signal/confirmation and look for reversal.

PREVIOUS CANDLE STICK SIGNAL - signalling a bullish reversal: buy signal.


EURUSD
- Engulfing Bullish Line Continuation: suggest market is overbought. Look to cover long position.
- Stochastic oscillator also suggests overbought.

PREVIOUS CANDLE STICK SIGNAL - Bearish Harami line: Indecision in market – look for reversal + Overbought


GBPUSD
- White Doji Line: possible reversal + OVerbought

PREVIOUS CANDLE STICK SIGNAL - Bullish Harami line: Market is overbought. Suggesting the bullish trend is weaking.
  • #802
  • May 25, 2008 11:39pm May 25, 2008 11:39pm
Quoting metatsock
I have test it for 3 weeks:

20 op. closed: wins 13 & loss 7
Total gained pips: 1222
I think candle patterns are a very powerfull kit to trade forex....
Anyway I must improve my moneymanagement....
Regards
Thank you Metatsock...
  • #803
  • May 26, 2008 2:22am May 26, 2008 2:22am
Quoting hussin naiji
CHART IS CLEAR
Hi Hussin,

I particularly liked the weekly chart that you posted on 24 May for CADJPY. I took a closer look and built on your chart to help me consider the best entry.

Last week - the long upper wick shows that buyers pushed prices up. But selling pressure was enough to push prices back down, close to where they opened.

This week - in the first day of trading, buying pressure has been enough to open and stay above last week's close. I see this as a warning not to enter yet.

Which of the following (or otherwise) is deemed as offering the highest probability of a successful short trade?

1) Upon current weekly candle's break of last week's low
2) Upon daily candle close below last week's low
3) Upon current weekly candle's close below last weeks low

I would tend to consider option 1 or 2 as most favourable.

I would appreciate your thoughts on this as I am still trying to learn more about how to best trade the higher time frame candles.

Thanks,
Rob
Attached Image (click to enlarge)
Click to Enlarge Name: cadjpy.jpg Size: 323 KB
  • #804
  • Edited 2:49am May 26, 2008 2:34am | Edited 2:49am
Nice chart illustrations, too bad I don't get that pair. If it was me I would look to see if the daily bar closed below the weekly closing price then position my entry using the H4 chart but looking out for any support levels near by. Or look for a break of an InsideBar (after 04:00GMT) on the H1 chart that closes below the daily and weekly closing price for tighter sell entry...
  • #805
  • May 26, 2008 3:33am May 26, 2008 3:33am
good time all
  • #806
  • May 26, 2008 3:33am May 26, 2008 3:33am
Quoting metatsock
Friday completed reversal pattern -> LONG SIGNAL on UCAD! TP .9980 -1.0000
Regards
thanks meat for your signal
  • #807
  • May 26, 2008 3:34am May 26, 2008 3:34am
Quoting priceaction
Hi Hussin,

Looking at the weekly EURUSD chart, are we seeing a Three inside up formation? - with a high probability of more upward movement?

Along with others who trade using Jacko's method, I am looking for the next entry to go Long, and 1.5650 is my anticipated area of the next dip. Some are looking at 1.5550.

Based on the candles, I am still looking at 1.5650.

I am interested to hear what your thoughts are on this.

Thanks in advance.
Rob
hi ROB
but about EURUSD
  • #808
  • May 26, 2008 3:37am May 26, 2008 3:37am
Quoting hussin naiji
hi ROB
but about EURUSD
in the weekly candle chart EURUSD ,attention to this candleastick pattern
Attached Image (click to enlarge)
Click to Enlarge Name: 1.gif Size: 12 KB
  • #809
  • May 26, 2008 3:38am May 26, 2008 3:38am
Quoting hussin naiji
in the weekly candle chart EURUSD ,attention to this candleastick pattern
you can say name this pattern ??
  • #810
  • May 26, 2008 3:39am May 26, 2008 3:39am
Quoting Aad
Nice chart illustrations, too bad I don't get that pair. If it was me I would look to see if the daily bar closed below the weekly closing price then position my entry using the H4 chart but looking out for any support levels near by. Or look for a break of an InsideBar (after 04:00GMT) on the H1 chart that closes below the daily and weekly closing price for tighter sell entry...
Aad,

Thanks for your thoughts on trading this. I have posted a 4 hr chart below (right) which shows us how a lower time frame trend line coincides with last week's low.

Perhaps even more reassurance that we can expect a high probability trade when this key area is convincingly broken.

Rob
Attached Image(s) (click to enlarge)
Click to Enlarge Name: cadjpy.jpg Size: 323 KB
Click to Enlarge Name: cadjpy4hr.jpg Size: 381 KB
  • #811
  • May 26, 2008 3:39am May 26, 2008 3:39am
Quoting priceaction
Hi Hussin,

Looking at the weekly EURUSD chart, are we seeing a Three inside up formation? - with a high probability of more upward movement?

Along with others who trade using Jacko's method, I am looking for the next entry to go Long, and 1.5650 is my anticipated area of the next dip. Some are looking at 1.5550.

Based on the candles, I am still looking at 1.5650.

I am interested to hear what your thoughts are on this.

Thanks in advance.
Rob
three inside up ? you can show to me this pattern
thanks
hussin
  • #812
  • May 26, 2008 3:44am May 26, 2008 3:44am
Quoting hussin naiji
you can say name this pattern ??
Hi Hussin,

I would call it a Morning Star indicating the bullish reversal we have seen.

Rob
  • #813
  • May 26, 2008 3:50am May 26, 2008 3:50am
Quoting priceaction
Hi Hussin,

I would call it a Morning Star indicating the bullish reversal we have seen.

Rob
bullish morning star or....?
  • #814
  • May 26, 2008 3:52am May 26, 2008 3:52am
Quoting eneloop
With USA (Memorial Day) and UK (Spring Bank Holiday) market closed for holiday, low liquidity is expected for the today market. Nevertheless, here is the foreacast:

Based on Daily Candlestick on 23 May (Friday)

USDCHF
- Last Engulfing Bearish: Possible bottom. This is considered a reversal pattern that might indicate a bottom. Look for higher opening to buy. + Oversold.
- Bearish Trending Candle takes over: Bearish continuation.

PREVIOUS CANDLE STICK SIGNAL - Bullish Harami line: “Inside Day”, wait for next signal and look for reversal.


USDJPY
- Bearish Harami Line: Indecision in market. “Inside Day”, wait for next signal/confirmation and look for reversal.

PREVIOUS CANDLE STICK SIGNAL - signalling a bullish reversal: buy signal.


EURUSD
- Engulfing Bullish Line Continuation: suggest market is overbought. Look to cover long position.
- Stochastic oscillator also suggests overbought.

PREVIOUS CANDLE STICK SIGNAL - Bearish Harami line: Indecision in market – look for reversal + Overbought


GBPUSD
- White Doji Line: possible reversal + OVerbought

PREVIOUS CANDLE STICK SIGNAL - Bullish Harami line: Market is overbought. Suggesting the bullish trend is weaking.
thanks eneloop for your signals
best regards
hussin
  • #815
  • May 26, 2008 3:55am May 26, 2008 3:55am
Quoting hussin naiji
three inside up ? you can show to me this pattern
thanks
hussin
Hi Hussin,

I can see that what I was calling a three inside up, is more like a morning star on the EURUSD weekly because of the doji. Am I right?

http://www.candlesticker.com/images/61FIG.gif http://www.candlesticker.com/images/59FIG.gif
  • #816
  • May 26, 2008 3:57am May 26, 2008 3:57am
Last week - the long upper wick shows that buyers pushed prices up. But selling pressure was enough to push prices back down, close to where they opened.
agree with you
  • #817
  • May 26, 2008 3:58am May 26, 2008 3:58am
Quoting priceaction
Hi Hussin,

I can see that what I was calling a three inside up, is more like a morning star on the EURUSD weekly because of the doji. Am I right?

http://www.candlesticker.com/images/61FIG.gif http://www.candlesticker.com/images/59FIG.gif
point important is only this
  • #818
  • May 26, 2008 3:59am May 26, 2008 3:59am
Quoting hussin naiji
point important is only this
Rob ,whether we have gaps in fx market ?
  • #819
  • May 26, 2008 4:01am May 26, 2008 4:01am
Quoting hussin naiji
Rob ,whether we have gaps in fx market ?
in the fx market is gap very rare .
only some time we can see a gap in end week or first week
  • #820
  • May 26, 2008 4:04am May 26, 2008 4:04am
Quoting hussin naiji
point important is only this
if you see a bullish morning star , you see a gap between first candle and third candle. but we are in fx market no stock markets
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