Hangman are found more at the top of the trend and not the bottom.
Just curious...They look eerie to me to.
But you might be missing some important support based on a weekly TL break retest.
- #9,663
- Jul 1, 2008 11:29pm Jul 1, 2008 11:29pm
Hi pipmac.
Good question. Actually, I had the same thought as you have now. Those candlesticks might be interpreted as hammer rather than hangman as you point out. One thing that I took notice, however, was when the first "hangman" was formed, I was expecting the following/second one would break the high of the first one but it did not realize, which made me think that the momentum was too weak to go upward at that point.
Another reason why I have found those candlesticks eerie is that both of these candlesticks are bearish bars, not bullish ones. They are also descending for the last two days up until now. I also avoid making a long entry in this sort of situation when the gap between the current price and the support line look too wide to me, though this is not always the case.
Anyway, this is how I interpreted those eerie guys. It is not surprising if others interpreted them differently as my interpretation is rather intuitive.
Good question. Actually, I had the same thought as you have now. Those candlesticks might be interpreted as hammer rather than hangman as you point out. One thing that I took notice, however, was when the first "hangman" was formed, I was expecting the following/second one would break the high of the first one but it did not realize, which made me think that the momentum was too weak to go upward at that point.
Another reason why I have found those candlesticks eerie is that both of these candlesticks are bearish bars, not bullish ones. They are also descending for the last two days up until now. I also avoid making a long entry in this sort of situation when the gap between the current price and the support line look too wide to me, though this is not always the case.
Anyway, this is how I interpreted those eerie guys. It is not surprising if others interpreted them differently as my interpretation is rather intuitive.
I agree it could go either way....But how do you see the "hangman" as not being "hammers"
Hangman are found more at the top of the trend and not the bottom.
Just curious...They look eerie to me to.
But you might be missing some important support based on a weekly TL break retest.
- #9,664
- Jul 1, 2008 11:32pm Jul 1, 2008 11:32pm
- Joined Aug 2007 | Status: TARFU... | 7,015 Posts
FUBAR...
- #9,666
- Jul 1, 2008 11:49pm Jul 1, 2008 11:49pm
Anyway, this is how I interpreted those eerie guys. It is not surprising if others interpreted them differently as my interpretation is rather intuitive.
WE all know that higher TF charts are more important then lower TF charts....Here's a look at the WEEKLY chart.
Support may be short lived but that is why i'm bullish....Call the 2 candles what you wish, i'll call them bouncy candle action; right where one would expect
- #9,674
- Jul 2, 2008 1:20am Jul 2, 2008 1:20am
- Joined Aug 2007 | Status: TARFU... | 7,015 Posts
You might want to look at the candles more flexibly considering other factors that I mentioned in the previous post to pipmac.
As for not having the "strength" to move higher at this time, I believe that is not the priority right now. Interest is getting paid whether it moves higher or not. I'm talking about market moving size orders, not retail traders.
Additionally, there is significant news this week, and why not collect the interest for yet another week while everyone deciphers it. One more thing to think about, when was the last time even BAD news had a very long shelf life... ??
Chart is UJ Daily, Slow K turning up, and Lower BB (setting 21) converging with TL's. White line is long term upper channel TL. Fib bottom is drawn from 102.70 low from May 22.
PS Goodnite all and safe pipping.
FUBAR...
- #9,676
- Jul 2, 2008 1:25am Jul 2, 2008 1:25am
- Joined Aug 2007 | Status: TARFU... | 7,015 Posts
FUBAR...