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  • #43,601
  • Nov 5, 2008 7:45pm Nov 5, 2008 7:45pm
Quoting TradeWell
I did some gut, for a quick 5 pips ...but waiting for now.
same here...the 4h candlesticks look too much like "3black crows" ...a pattern which is usually followed by a bull candle fully engulfing that volume...for now i think it may reach 1.2800 and if it does so...looking to buy if strong support is proven
Different opinions highly valued, ignorant to slander.
  • #43,602
  • Nov 5, 2008 7:47pm Nov 5, 2008 7:47pm
TraderatHome,

In the below chart, I have circled what I believe to be one of your "squeezes". Precipitated the recent 25 pip drop below 2900. Does this look about right?

Thanks,
Attached Image
Up or down, gimme a ticket
  • #43,603
  • Nov 5, 2008 7:48pm Nov 5, 2008 7:48pm
Quoting psiholog
same here...the 4h candlesticks look too much like \"3black crows\" ...a pattern which is usually followed by a bull candle fully engulfing that volume...for now i think it may reach 1.2800 and if it does so...looking to buy if strong support is proven
My book says three black crows is bearish....is it not necessarily so?
  • #43,604
  • Nov 5, 2008 7:50pm Nov 5, 2008 7:50pm
Quoting psiholog
same here...the 4h candlesticks look too much like \"3black crows\" ...a pattern which is usually followed by a bull candle fully engulfing that volume...for now i think it may reach 1.2800 and if it does so...looking to buy if strong support is proven
Isn't that an Evening Star, which should predict reversal from two days ago? Close enough?
Attached Image
Up or down, gimme a ticket
  • #43,605
  • Nov 5, 2008 8:14pm Nov 5, 2008 8:14pm
i dont what the books say as i dont read any of them. all i know is what i usually see having watched pa for over a year now with an average of over 10 hours a day (way more last few months)...all i know is since the high we came down with no apparent resistance from the bulls which may mean they are preparing for a move up. the 3black crows are just like one big candle which is then followed by another 3 white soldiers or one full candle usually from what i have seen

then again...if pa follows anything like what the stock market did today...slowly go down until the last hour where it just crashed...we may see that here too...once ecb rate is announced

conclusion...i have no clue as to what goes on next whether 4h or daily charts...all i do know is what pa usually behaves like
Different opinions highly valued, ignorant to slander.
  • #43,606
  • Nov 5, 2008 8:22pm Nov 5, 2008 8:22pm
heres an example of what i mean on the 5minute chart. notice that the third example was a continuation down. in other words the next few candlesticks that follows that pattern is crucial


Attached Image (click to enlarge)
Click to Enlarge Name: current.gif Size: 35 KB
Different opinions highly valued, ignorant to slander.
  • #43,607
  • Nov 5, 2008 8:25pm Nov 5, 2008 8:25pm
Quoting TradeWell
My book says three black crows is bearish....is it not necessarily so?
You are right but:
The Bearish Three Black Crows serves as a clear and rather obvious signal of pause in the bullish move

http://www.fxwords.com/b/bearish-thr...ndlestick.html
  • #43,608
  • Edited 8:43pm Nov 5, 2008 8:28pm | Edited 8:43pm
Found this on another forum. Thought ya'll might get a kick out of it --
Attached Image
  • #43,609
  • Nov 5, 2008 8:29pm Nov 5, 2008 8:29pm
Quoting psiholog
heres an example of what i mean on the 5minute chart. notice that the third example was a continuation down. in other words the next few candlesticks that follows that pattern is crucial
So it sounds like you are saying, though a set of candles can indicate sentiment, they still need confirmation...kinda goes without saying.
  • #43,610
  • Nov 5, 2008 8:34pm Nov 5, 2008 8:34pm
Quoting TradeWell
So it sounds like you are saying, though a set of candles can indicate sentiment, they still need confirmation...kinda goes without saying.
EXACTLY!...no one pattern or indicator alone is enough to determine future pa. its a combination of things and that my friend is strategy


for example right now...this "consolidation" area suggests a breakout will come soon...but the direction is unknown....so what strategy could possibly indicate direction?...none that are worth using in my opinion thats why im on the sidelines until critical support/resistance is reached
Different opinions highly valued, ignorant to slander.
  • #43,611
  • Nov 5, 2008 8:35pm Nov 5, 2008 8:35pm
Quoting Turhovach
Found this on another forum. Thought ya'll might get a kick out of it --
That's why I don't work with MT4 brokers, only for charts.
  • #43,612
  • Nov 5, 2008 8:36pm Nov 5, 2008 8:36pm
Quoting psiholog
heres an example of what i mean on the 5minute chart. notice that the third example was a continuation down. in other words the next few candlesticks that follows that pattern is crucial


Attachment
Thanks Psi
Up or down, gimme a ticket
  • #43,613
  • Nov 5, 2008 8:45pm Nov 5, 2008 8:45pm
I trhink momentum to the downside since high earlier today (10:45 ET) is pointing the way.

Also stock futures are down 1% in electronic night session.
  • #43,614
  • Nov 5, 2008 8:58pm Nov 5, 2008 8:58pm
What is going to turn this global economy around?
  • #43,615
  • Nov 5, 2008 8:59pm Nov 5, 2008 8:59pm
me thinks.
Attached Image (click to enlarge)
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  • #43,616
  • Nov 5, 2008 9:01pm Nov 5, 2008 9:01pm
Quoting SunTrader
I trhink momentum to the downside since high earlier today (10:45 ET) is pointing the way.

Also stock futures are down 1% in electronic night session.
on closer inspection this whole downmove feels like wave 1 of elliot waves. the correction upwards that i refer to could be wave 2. the hours right before and after ecb rate cut wave 3. i know you like EW

could this be a possible scenario?
Different opinions highly valued, ignorant to slander.
  • #43,617
  • Nov 5, 2008 9:02pm Nov 5, 2008 9:02pm
Quoting SunTrader
I trhink momentum to the downside since high earlier today (10:45 ET) is pointing the way.

Also stock futures are down 1% in electronic night session.
Yep, we've been in a pretty good slope indeed, for 259 PIPs total movement. We've got 212 PIPs of range left on today (which started at 0000gmt) to hit the average of 285. Maybe we'll get lucky and use it all on the BEAR.

Going to bed until London. Good trading ST.
Up or down, gimme a ticket
  • #43,618
  • Nov 5, 2008 9:05pm Nov 5, 2008 9:05pm
concurs
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.jpg Size: 354 KB
  • #43,619
  • Nov 5, 2008 9:16pm Nov 5, 2008 9:16pm
Sheesh! Death by a thousand cuts...
  • #43,620
  • Nov 5, 2008 9:21pm Nov 5, 2008 9:21pm
Quoting psiholog
on closer inspection this whole downmove feels like wave 1 of elliot waves. the correction upwards that i refer to could be wave 2. the hours right before and after ecb rate cut wave 3. i know you like EW

could this be a possible scenario?
So should I consider an overnighter?
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