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Daily candle chart

  • #3,541
  • Nov 6, 2008 12:19pm Nov 6, 2008 12:19pm
in the daily candle chart USDCAD now we can see a confirmation for bullish piercing line pattern previous day.also attention to fibonacci ratios and form a tweezers bottom.
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  • #3,542
  • Nov 6, 2008 12:23pm Nov 6, 2008 12:23pm
Quoting hussin naiji
in the daily candle chart USDCAD now we can see a confirmation for bullish piercing line pattern previous day.also attention to fibonacci ratios and form a tweezers bottom.
maybe we will see a bullish hammer.
in fact i see below 8000 DOW therefor C$ will weaking
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  • #3,543
  • Nov 6, 2008 12:27pm Nov 6, 2008 12:27pm
Quoting hussin naiji
maybe we will see a bullish hammer.
in fact i see below 8000 DOW therefor C$ will weaking
therefore short CADYEN is very good for us
  • #3,544
  • Nov 6, 2008 12:29pm Nov 6, 2008 12:29pm
we have seen good work by bearish shooting star pattern for EURUSD AND AUDUSD in the past days.
  • #3,545
  • Nov 6, 2008 12:32pm Nov 6, 2008 12:32pm
Quoting hussin naiji
we have seen good work by bearish shooting star pattern for EURUSD AND AUDUSD in the past days.
also good work from kabuse pattern on EJ IN THE LAST NIGHT
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  • #3,546
  • Nov 6, 2008 12:36pm Nov 6, 2008 12:36pm
i dont know but i see a high wave (very noxious)in the weekly candle chart EURUSD.IT IS BETTER FOR WAIT WEEKLY CLOSE FOR THIS PAIR
best regards
hussin
  • #3,547
  • Nov 6, 2008 4:24pm Nov 6, 2008 4:24pm
Quoting hussin naiji
i dont know but i see a high wave (very noxious)in the weekly candle chart EURUSD.IT IS BETTER FOR WAIT WEEKLY CLOSE FOR THIS PAIR
best regards
hussin




we have seen on wednesday an indicision candle but with bearish confirmation on thursday.

But caution: price is atm at 76.4 monthly fibo level, and might bounce here up, before turning lower.
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  • #3,548
  • Nov 6, 2008 4:30pm Nov 6, 2008 4:30pm
GU has the same daily pattern. whatch on lower timeframes for best entry short.

Longterm I see GU 1.45.
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  • #3,549
  • Nov 6, 2008 4:35pm Nov 6, 2008 4:35pm
after large bearish engulfing pattern see free fall for USD/JPY:
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  • #3,550
  • Nov 6, 2008 4:38pm Nov 6, 2008 4:38pm
eur/aud might go up more.

compare price movement after piercing line pattern.
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  • #3,551
  • Nov 6, 2008 4:44pm Nov 6, 2008 4:44pm
a three inside out pattern on aud/usd:

it is a bearsih reversal pattern with high reliability, appearing at the top:

http://www.candlesticker.com/Cs75.asp


It is made of a large bullish candle, a bearish inside candle, and a third bearish candle, which has to close below the body of the green candle.
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  • #3,552
  • Nov 6, 2008 4:46pm Nov 6, 2008 4:46pm
thats it.

expecting more drops on the yen crosses.

good night.
  • #3,553
  • Nov 6, 2008 5:13pm Nov 6, 2008 5:13pm
peaches
i dont know why ??
candlestick patterns for USDCAD give us a uptrend
but chart pattern for usdcad give us a downtrend ?
we know that that the head and shoulder formation is the best indication for for a trend change.
now we must see victory is with candlestick pattern or chart pattern ??
let see
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  • #3,554
  • Nov 7, 2008 5:45am Nov 7, 2008 5:45am
Quoting hussin naiji
peaches
i dont know why ??
candlestick patterns for USDCAD give us a uptrend
but chart pattern for usdcad give us a downtrend ?
we know that that the head and shoulder formation is the best indication for for a trend change.
now we must see victory is with candlestick pattern or chart pattern ??
let see
This area is not a good area for trading usd/cad.

I donīt trade usd/cad for month anymore, it has taken too much money from me in the past

USDCAD is just at an area, which has been resistance in the past.

Now usdcad is broken throug this resistance, and is testing now, if
the new support is solid. If it has tested this new support and it holds, it will go up in my opinion.

Candlestick pattern might win
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  • #3,555
  • Edited 7:22am Nov 7, 2008 7:01am | Edited 7:22am
CAD is a commodity currency and it's usually copying oil with some lag. I don't expect oil going up anytime soon because of the crisis - bad for CAD. Also economical data are not very good for CAD, even yesterdays building permits release have moved CAD up only for less then an hour and then the USDCAD uptrend was restored - again bad for CAD. USD is holding which favors further bull move on USDCAD.

Personaly I went long at 1.1500 which was 38 fibo retracement and a week SR level (1.1300 was another posibility) - I am trading canclesticks too, but this was oportunity I did not want to miss - to be in the trend from the very beginning of its restoration - so far it's holding

Just my 2 pips ... my trades are more often then not wrong if I trade on somebody else analysis, so feel free to ignore this
  • #3,556
  • Nov 7, 2008 7:22am Nov 7, 2008 7:22am
welcome to the thread pipsy and thanks
for fundamental insight. lets see, how this will develop





Quoting Pipsy108
CAD is a commodity currency and it's usually copying oil with some lag. I don't expect oil going up anytime soon because of the crisis - bad for CAD. Also economical data are not very good for CAD, even yesterdays building permits release have moved CAD up only for less then an hour and then the uptrend was restored - again bad for CAD. USD is holding which favors further bull move on USDCAD.

Personaly I went long at 1.1500 which was 38 fibo retracement and a week SR level (1.1300 was another posibility) - I am trading canclesticks too, but this was oportunity I did not want to miss - to be in the trend from the very beginning of its restoration - so far it's holding

Just my 2 pips ... my...
  • #3,557
  • Nov 7, 2008 7:36am Nov 7, 2008 7:36am
Thanks for welcome peaches I have learned a lot from this thread and from you and hussin.

I should propably add that even while I am trading live and doing well so far, I am still a newbie so take everything I say with grain of salt

Anyway there were two other red flag positive or neutral releases for CAD hour and half ago and that little bastard just does not want to go up ...
  • #3,558
  • Nov 8, 2008 5:22am Nov 8, 2008 5:22am
Hi, I have one question about what is the best time for daily candle open. In commodities markets for which this technique was developed everything is clear, as they have well defined session open and close, but forex is 24/7. Currently I have my daily candles starting at GMT+0 (London midnight) but maybe GMT+7 (Europe open - 8:00am local time - Europe and London sessions are forex "rush hours") may capture the market sentiment better?

What do you thing about it? Or do you think it's not really important and the daily candles will capture the sentiment anyway?
  • #3,559
  • Nov 8, 2008 6:40am Nov 8, 2008 6:40am
Quoting peaches
This area is not a good area for trading usd/cad.

I donīt trade usd/cad for month anymore, it has taken too much money from me in the past

USDCAD is just at an area, which has been resistance in the past.

Now usdcad is broken throug this resistance, and is testing now, if
the new support is solid. If it has tested this new support and it holds, it will go up in my opinion.

Candlestick pattern might win
hi peaches
attention to affiliation C$ & DOW
and also monetary crisis in USA in 2008 that i think this monetary crisis will change to financial crisis in the next months can have more hit for Canada .
above %60 from exports (Canada )is to USA
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  • #3,560
  • Nov 8, 2008 6:53am Nov 8, 2008 6:53am
Quoting hussin naiji
hi peaches
attention to affiliation C$ & DOW
and also monetary crisis in USA in 2008 that i think this monetary crisis will change to financial crisis in the next months can have more hit for Canada .
above %60 from exports (Canada )is to USA
PEACHES ,GENERALLY,REAL SYMBOL BASED ON SCHOOL OF ECONOMICAL (CAPITALISM) IS CONSUMER CONFIDENCE. ONLY WITH RECOVERY THIS INDEX WE CAN SEE SIGNAL FOR EXIT FROM THIS CRISIS
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