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Daily candle chart

  • #3,481
  • Oct 29, 2008 4:43pm Oct 29, 2008 4:43pm
GU 4h:

The daily bullish engulfing has played out, but the lower time frame
is telling different story: we see a bearish hanging man at the 50 fibo
level, next 4 h candle may confirm bearish reversal.

A bullish break above 1.665 would take this cross much higher, but i doubt, this will fall hard.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gu4.gif Size: 14 KB
Click to Enlarge Name: gu.gif Size: 12 KB
  • #3,482
  • Oct 29, 2008 4:48pm Oct 29, 2008 4:48pm
before more short usd/cad wait for confirmation.

This 4 h candle is a neutral high wave candle or more a spinning top.
A spining top has not to appear at the end of an uptrend it may appear in
the middle of a trend and signal reversal.

http://www.candlesticker.com/Cs06.asp

Market has no meaning about direction, bulls and bears are in fight, there is no decision yet. Wait for confirmation of bearish continuation, there might be a surprise
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad.gif Size: 13 KB
  • #3,483
  • Oct 29, 2008 4:53pm Oct 29, 2008 4:53pm
a long legged doji on gbp/chf:

perfect indicision in the market, sorry,
another wait, protect your money, and use your brain
more than i do sometimes, before enter a trade

http://www.candlesticker.com/Cs11.asp
Attached Image (click to enlarge)
Click to Enlarge Name: gbpchf.gif Size: 10 KB
  • #3,484
  • Oct 29, 2008 4:55pm Oct 29, 2008 4:55pm
another indicision candle (sorry) for eur/aud:

you can easily spot them, lower and upper wick have most nearly
the same distance, and body is formed under pressure from both sites.
Attached Image (click to enlarge)
Click to Enlarge Name: euraud.gif Size: 12 KB
  • #3,485
  • Oct 29, 2008 4:58pm Oct 29, 2008 4:58pm
thats it.

I`am not in a trade actually (this is the hardest part).

I`am expecting most pairs will resume the monthly direction soon,
but I will not enter a trade with expectation, only if I see a confirmed candlestick pattern.

Good night.
  • #3,486
  • Oct 29, 2008 5:51pm Oct 29, 2008 5:51pm
a last one for today:

AUD/JPY longterm scenario in case of collapse and DOW 4000:
Attached Image (click to enlarge)
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  • #3,487
  • Oct 30, 2008 12:02am Oct 30, 2008 12:02am
Quoting hussin naiji
for MR .J
ATTENTION : WE MUST SEE A CONFIRMATION FOR THIS BULLISH PATTERN (MORNING STAR PATTERN ) BUT STILL WE CAN NOT SEE THIS CONFIRMATION
WITH CUT RATE BY BOE and ECB in the next week we must see increase demand for yen
Yes,I am going to attent them.BOE,ECB rate cut.Consider GBPCHF,EJ,GU,EURCHF...next time.
I will post some charts at the weekend.
This week,+600pips USDCAD for me and for you.
  • #3,488
  • Oct 30, 2008 2:29am Oct 30, 2008 2:29am
From what I see for Geppy, the break of the level 163.8 confirmed the
true reversal on higher timeframes.

A break of this level will lead to 175 (100 % fibo level between last high and low on daily timeframe), and this might give us a true bullish engulfing candle on the weekly. I think, the bigger picture has changed now,
we have a true change in trend.
  • #3,489
  • Oct 30, 2008 6:58am Oct 30, 2008 6:58am
this is very very irretating, and weird action atm.

Yesterday we saw a bearish hanging man which needs confirmation.
Today we have see an attempt to close above 61.8 fibo level which
failed.

After the 4 h bearish hanging man , we see a confirmation
for downtrend by a beaish engulfing candle BUT current 4 h candle is a piercing line atm (its not closed yet).

I will enter short IF the current 4 candle turns bearish in the next 2 hours. If not, I remain flat.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: geppy.gif Size: 14 KB
Click to Enlarge Name: gepp4y.gif Size: 17 KB
  • #3,490
  • Oct 30, 2008 4:33pm Oct 30, 2008 4:33pm
what a mixed and bad day for trading - at least for me.

There are 30 min left for daily close, but daily (hopefully) will not change.

There are so many diffrent signals and patterns today, this is very crazy.

And there is only one way to solve this problems: trust your charts !

Eur/Usd

This one is a clear pattern, a bearish shooting star.

http://www.candlesticker.com/Cs42.asp
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 13 KB
  • #3,491
  • Edited 4:53pm Oct 30, 2008 4:36pm | Edited 4:53pm
another clear pattern: gold.

a bearish engulfing candle.

http://www.candlesticker.com/Cs44.asp

I`ll give gold a try with a small 1 unit.
Gold has burned my so much, donīt trade gold, only with smallest money.
I see gold at ~650 target.
Attached Image (click to enlarge)
Click to Enlarge Name: gold.gif Size: 16 KB
  • #3,492
  • Oct 30, 2008 4:40pm Oct 30, 2008 4:40pm
GU has a doji near the 61.8 fibo level, indicision everywhere:

http://www.candlesticker.com/Cs28.asp

needs confirmation, one way or the other...
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 12 KB
  • #3,493
  • Oct 30, 2008 4:45pm Oct 30, 2008 4:45pm
a bearish shooting star for e/j...

looks like, there is a decision for then jen crosses during the last 15 minutes of the trading day....
Attached Image (click to enlarge)
Click to Enlarge Name: ej.gif Size: 10 KB
  • #3,494
  • Oct 30, 2008 4:50pm Oct 30, 2008 4:50pm
this is a special:

USD/CHF is an inside candle !

There are 2 possibilitys for tommorrows candle, a three inside up, or a three inside down. Tomorrows daily candle will be decision for next trading week !

I prefer a three inside up.

http://www.candlesticker.com/Cs61.asp
Attached Image (click to enlarge)
Click to Enlarge Name: uc.gif Size: 13 KB
  • #3,495
  • Oct 30, 2008 5:05pm Oct 30, 2008 5:05pm
I waited for geppy for daily close, because...well..I have seen
change in daily pattern in the last 5 minutes of a trading day.

So, geppy, is not a save short. It is not a healthy looking shooting star, and daily range for geppy high to low was 680 pips, this is not mutch for geppy.

I will look on 4 h charts fo confirmation of more short. Maybe weekly close will tell us story of continuation downtrend, or bullish reversel.

We should keep in mind fundamentel effect of change in rate decision BOJ.
Attached Image (click to enlarge)
Click to Enlarge Name: geppy.gif Size: 14 KB
  • #3,496
  • Oct 30, 2008 5:16pm Oct 30, 2008 5:16pm
Quoting peaches
this is a special:

USD/CHF is an inside candle !

There are 2 possibilitys for tommorrows candle, a three inside up, or a three inside down. Tomorrows daily candle will be decision for next trading week !

I prefer a three inside up.

http://www.candlesticker.com/Cs61.asp
I am using IBFX broker with MT4 platform. How come my candle in USDCHF day is not looks like your MT4 platform?
Attached Image (click to enlarge)
Click to Enlarge Name: usdchf.jpg Size: 158 KB
  • #3,497
  • Oct 30, 2008 5:48pm Oct 30, 2008 5:48pm
Quoting johntsai
I am using IBFX broker with MT4 platform. How come my candle in USDCHF day is not looks like your MT4 platform?
Hi johntsai,

I use MT4 from FXpro, I see charts/ candles from different brokers look totaly different. I place my trades with oanda, and I donīt look at the candles there.

I think, it has something to to with time-zones on the world and result is a time shift in candles.

It is hard to decide if the body of thursdays candle is embraced by the body of wednesday candle on your chart.

If I zoom in my chart, the red candle embraces the green.
Attached Image (click to enlarge)
Click to Enlarge Name: uc.gif Size: 11 KB
  • #3,498
  • Oct 30, 2008 6:06pm Oct 30, 2008 6:06pm
Quoting peaches
Hi johntsai,

I use MT4 from FXpro, I see charts/ candles from different brokers look totaly different. I place my trades with oanda, and I donīt look at the candles there.

I think, it has something to to with time-zones on the world and result is a time shift in candles.

It is hard to decide if the body of thursdays candle is embraced by the body of wednesday candle on your chart.

If I zoom in my chart, the red candle embraces the green.
here is how it looks like when i zoom in.

30th candle is almost half of 29th candle. if it recongnize as inside candle, i will have concern with the tail it formed on both top and bottom end. also, 30th candle is almost half of 29th candle. i think it is not qualify the rule of inside candle isnt it?

previous red box is perfect inside candle i can get from my platform.
i think that the classic one back there instead of this one.
Attached Image (click to enlarge)
Click to Enlarge Name: 02.jpg Size: 53 KB
  • #3,499
  • Oct 30, 2008 7:17pm Oct 30, 2008 7:17pm
Quoting peaches
Hi johntsai,

I use MT4 from FXpro, I see charts/ candles from different brokers look totaly different. I place my trades with oanda, and I donīt look at the candles there.

I think, it has something to to with time-zones on the world and result is a time shift in candles.

It is hard to decide if the body of thursdays candle is embraced by the body of wednesday candle on your chart.

If I zoom in my chart, the red candle embraces the green.
you will find that most candle traders will not trade from IBFX or better put they will not use the feed from IBFX to trade from or determine the true candles, ibfx really is a lousy broker for many reasons
Don't chase the market, Let the market come to you
  • #3,500
  • Oct 31, 2008 2:18am Oct 31, 2008 2:18am
Quoting johntsai
here is how it looks like when i zoom in.

30th candle is almost half of 29th candle. if it recongnize as inside candle, i will have concern with the tail it formed on both top and bottom end. also, 30th candle is almost half of 29th candle. i think it is not qualify the rule of inside candle isnt it?

previous red box is perfect inside candle i can get from my platform.
i think that the classic one back there instead of this one.


give fxpro a try to compare with your broker. Free charting package, its nice. And I have read, the pro use it.

Green pips to you
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