a bit of a surprise today. chf was very bearish on most pairs.
do we have a bullish engulfing daily, a trendline break and
a weekly 3 marching soldiers ?
Thats forex
Iám holding my shorts, because last 4 hour candle was
a pinbar pointing down :-)
hi Aad
im happy see u here.
but about candlestick patterns only i can say that candlestick patterns are a old ancient tool (over 400 years) in technical analysis maybe oldest
Yup, I'm in total agreement it's just that James16 has basically found a way too simplify the search for a few high probability candle patterns.
But the bottom line is that I love how you and James use candle patterns even though they are different. Kind of Old meets New type of thing and they both work great along with fib s/r level agreement...
- #1,567
- Aug 7, 2008 3:36pm Aug 7, 2008 3:36pm
- Joined Oct 2007 | Status: Trader | 3,461 Posts
Hi Hussin,
here is a gopher chart, where I discribed difference between candlestick
pattern and james 16 method.
a candlestick pattern today is along legged doji. If price goes down 50 % of todays candle you will think this is confirmation and enter short.
In james16 50% retrace is a good entry for long !
Of course price might proof me wrong because this
pinbar appears not a a swing low. pinbars at swing lows,
or inverted hammers at swing high are a defently most save trade,
from my experieance.
here is a gopher chart, where I discribed difference between candlestick
pattern and james 16 method.
a candlestick pattern today is along legged doji. If price goes down 50 % of todays candle you will think this is confirmation and enter short.
In james16 50% retrace is a good entry for long !
Of course price might proof me wrong
because this pinbar appears not a a swing low. pinbars at swing lows,
or inverted hammers at swing high are a defently most save trade,
from my experieance.
- #1,568
- Aug 7, 2008 5:05pm Aug 7, 2008 5:05pm
- Joined Oct 2007 | Status: Trader | 3,461 Posts
aud/nzd
notize the rejection of price as it bounced exactly from ichimoku cloud.
also please notice save sell signal from this indicator (crossing of red and blue line). This signal was last given on 18.03.08, it is rare.
notize the rejection of price as it bounced exactly from ichimoku cloud.
also please notice save sell signal from this indicator (crossing of red and blue line). This signal was last given on 18.03.08, it is rare.
Hi Hussin,
here is a gopher chart, where I discribed difference between candlestick
pattern and james 16 method.
a candlestick pattern today is along legged doji. If price goes down 50 % of todays candle you will think this is confirmation and enter short.
In james16 50% retrace is a good entry for long !
Of course price might proof me wrong
pinbar appears not a a swing low. pinbars at swing lows,
or inverted hammers at swing high are a defently most save trade,
from my experieance.
- #1,575
- Aug 8, 2008 1:59am Aug 8, 2008 1:59am
- Joined Oct 2007 | Status: Trader | 3,461 Posts
Hmm, that doesn't seem like a James16 Pinbar at all and even if it was it is still in a traffic zone and does not meet James16 "A" trade entry rules...
Hi aad,
thanks for reply and the chart(s). You are defenetly right, this was not a save "A" trade, it was a bad bad entry, it even not was at a swing low, just somewhere in no mans land. And james16 teaches not to trade, when something is not right (which is the hardest part, not to trade).
But my point was, to show the problem (my problem), when to see a reversal or to see bullish continuation. Lets see how this will developing...
- #1,580
- Aug 8, 2008 5:26am Aug 8, 2008 5:26am
- Joined Nov 2007 | Status: beginner | 7,828 Posts
aud/nzd
notize the rejection of price as it bounced exactly from ichimoku cloud.
also please notice save sell signal from this indicator (crossing of red and blue line). This signal was last given on 18.03.08, it is rare.
im waiting pirce for NZDUSD
attention to upper wick previous week
