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Daily candle chart

  • #4,201
  • Jan 21, 2009 5:47am Jan 21, 2009 5:47am
thanks for the explanation and analysis.

i came about a link on post 4064 or so...something about candlestick patterns but it will not open each time i click on it, its telling me page can not be displayed.please can anyone tell me how to go about it or can anyone refer me to any other reliable very sound book about candle stick pattern and charting??

any help seriously appreciated.



Buy when price is going up and Sell when price is going down...always do what price is doing.
  • #4,202
  • Jan 21, 2009 5:56am Jan 21, 2009 5:56am
Quoting Bones
Hey man thanks,dont be a lurker with your experiance you could help us!

Unfortunately, much of my success has come from simple longevity. I traded in the pits for over ten years in the 80's & early 90's and it left its mark on me. It took me quite a while to adapt to the faceless world of desk trading, as compared to the emotion and psychology of pit trading, when I decided to begin trading again full time about five years ago, but I have managed to make the switch. The FX markets are great.

I tend to be more of a swing trader and scalper than a position trader. Old habits die hard. I also use PA almost exclusively in my trading and it comes from "seeing" it so many times in my life, that I almost subconsciously act upon it. I used to tell people that as a trader in the pits I saw every leaf on every branch on every tree in the forest and unfortunately we tended to concentrate on the leaves more than the trees or the forest.

I do enjoy and value the analysis in this thread because it paints the bigger picture so well and that is so valuable. Now I find my self looking at the forests of the world instead of just the leaves and it is paying off handsomely. But I still get caught up in my old scalping habits quite often.

Green pips to all and thank you again.
  • #4,203
  • Jan 21, 2009 5:56am Jan 21, 2009 5:56am
Hi BJ ive checked it and seems to workthough Ive notice the links have a shelf life.
If you let me know where to send and Ill e mail it to you if you like?
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #4,204
  • Jan 21, 2009 6:15am Jan 21, 2009 6:15am
Hi, also good method for daily target has been teached by hussin:

Count pips from the daily candle from high to low. Example:

Yesterdays candle was high 1.4440 - low 1.3860 = ~600 Pips for GU.

If you think current daily candles has made his high, substract ~ 600 Pips and you get your daily target. If you overlay this with price pivot zones, fibo-levels, trendlines or what ever you like, you got a nice target.

Today 1.34 - 1.35 might be good target, if everythink went good. If it is wrong, the market is wrong

Works with weekly candle too.



Quoting bjpumping
hello everyone,good to see that you guys are really doing good and great.i was wondering if GBPUSD is still bearish cos i feel it is still bearish, and seeing what you guys have said on here,bones, price action, peaches...my doubts have been reduced and removed...lol...
  • #4,205
  • Jan 21, 2009 6:16am Jan 21, 2009 6:16am
I think good trades is GBP/CHF short, because pound is bearish and swiss franc is bullish. Watch usd/lfx and gbp/lfx.
  • #4,206
  • Jan 21, 2009 8:07am Jan 21, 2009 8:07am
thanks .i will appreciate if you can help me send it to my e mail address;

[email protected]



thanks again



Buy when price is going up and Sell when price is going down...always do what price is doing.
  • #4,207
  • Jan 21, 2009 8:40am Jan 21, 2009 8:40am
Ive sent it mate.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #4,208
  • Jan 21, 2009 9:15am Jan 21, 2009 9:15am
Dear Hussin, Peaches and Bones, your contribution here in this thread are very educational and informative for newbies,

I wanna ask you one more thing, do you pull your trigger base on 1H and 4H some times or just look at for better entry?

your answer will be highly appreciated.

Thanks
  • #4,209
  • Jan 21, 2009 9:55am Jan 21, 2009 9:55am
Well ,if your new you should be on the daily ,Nagen..I speak from bitter experiance.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #4,210
  • Jan 21, 2009 10:06am Jan 21, 2009 10:06am
Well I was wondering when JPY would show strength ,as we retraced up first this morning after a breakout yesterday.
The GBP LFX also lost support just a min ago
Should have took the GBP-JPY
Attached Image (click to enlarge)
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #4,211
  • Jan 21, 2009 10:12am Jan 21, 2009 10:12am
hey bones,thank you soooooooooooo much, i really appreciate it.

i am now downloading it to view it.happy pipping to all









Buy when price is going up and Sell when price is going down...always do what price is doing.
  • #4,212
  • Jan 21, 2009 10:20am Jan 21, 2009 10:20am
bones, is your take profit for ur GBPUSD trade still intact??








Buy when price is going up and Sell when price is going down...always do what price is doing.
  • #4,213
  • Jan 21, 2009 10:26am Jan 21, 2009 10:26am
I am waiting ,im not not sure about that target this week,but still in
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #4,214
  • Jan 21, 2009 10:34am Jan 21, 2009 10:34am
Quoting peaches
Yen is bullish, euro is bearish, how about EJ 110?

Notice on weekly broken hammer.

If a candlestick pattern is not successfull, this is
also something to think about.

Good night.

Well, thinking more, 110 is a bit far, maybe 112.
Hi all !

What a nice drop for EJ. I had a sell limit order at 115, in case price gets
below the 138.2 fibo level with target 112.3. I am a good analytic, but a bad trader, but this time my trade was very successfull.

3 bearish daily crows ?
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  • #4,215
  • Jan 21, 2009 10:37am Jan 21, 2009 10:37am
Quoting Bones
I am waiting ,im not not sure about that target this week,but still in

Hi bones,

I like to ask you, where you set your stop loss, because this is
one of my big trading problems. Candlestick pattern give me good direction and target, but I like to limit my losses. So my SL is often to close.

Or do you trade the hussin-style ?
  • #4,216
  • Jan 21, 2009 10:38am Jan 21, 2009 10:38am
Great Stuff Peaches
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #4,217
  • Jan 21, 2009 10:44am Jan 21, 2009 10:44am
Quoting Nagen
Dear Hussin, Peaches and Bones, your contribution here in this thread are very educational and informative for newbies,

I wanna ask you one more thing, do you pull your trigger base on 1H and 4H some times or just look at for better entry?

your answer will be highly appreciated.

Thanks
Hi,

I most time wait, that price goes most against the direction of the daily candle pattern is saying me. Then I enter in the direction of the pattern.

This is quit logic, because most daily candles needs an upper wick. This upper wick reaches often into the body of the previuos daily candle.

If I` am sitting in front of my computer, I decide by looking at the 1 or 4 h candle, which are telling a lot. If I`am not sitting in front of my computer I do analyses and set buy or sell limit orders.

  • #4,218
  • Jan 21, 2009 10:44am Jan 21, 2009 10:44am
Quoting peaches
Hi bones,

I like to ask you, where you set your stop loss, because this is
one of my big trading problems. Candlestick pattern give me good direction and target, but I like to limit my losses. So my SL is often to close.

Or do you trade the hussin-style ?
How is hussin-style?

Btw, I place no SL, only enter and exit trade at the end of candle when trading daily TF. Tat's all for me. Checking chart for two times a day. So far, it is working for me.
  • #4,219
  • Jan 21, 2009 10:45am Jan 21, 2009 10:45am
Hey Peaches Im not good enough for no stops my friend really you and me are very alike as I often have it right but trade it badly.
The stop depends on the market but I can tell you I have it too close alot of the time.
I would like to get to a stage where I trust the candle set up enough to trust the set up enough...
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #4,220
  • Jan 21, 2009 10:53am Jan 21, 2009 10:53am
Quoting Bones
Well I was wondering when JPY would show strength ,as we retraced up first this morning after a breakout yesterday.
The GBP LFX also lost support just a min ago
Should have took the GBP-JPY
On my long term scenario chart there will be more short opportunitys maybe for the whole year 2009 . This dependes on, if fundamentels will change during the year or not. Daily candles will tell us.

Will be back at daily close, green pips to all.
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