- #5,942
- Mar 23, 2009 3:02pm Mar 23, 2009 3:02pm
- Joined Apr 2007 | Status: USF Statistics | 2,248 Posts
- #5,944
- Mar 23, 2009 3:09pm Mar 23, 2009 3:09pm
- Joined Oct 2007 | Status: Trader | 3,461 Posts
hi peaches
on my chart 4hr i have 2 hammers at the top at 1.450 it is a strong resistance level there would this mean bearish or a rest
thanks john
a hammer appears at the end of a downtrend, so this two candles you spotted on, one might think this are 2 bearish hanging man (to say it simple,it is the opposite to a hammer: a hammer is at the end of a downtrend, indicating bullish reversal, a hanging man appears at the end of an uptrend,indicating bearish reveral).
What we should take notice of this 2 candles are the two lower long wicks.
Why this wicks are there ? The price went down, but BULLS pushed price higher, to keep price high. So some traders are interested that price is not falling. To make the point, there are more traders (or contracts) which are interested that there is a higher price, than traders (or contracts) which want a lower price. So price stays up.
(My) weekly target for 145 is not done yet
- #5,946
- Mar 23, 2009 3:20pm Mar 23, 2009 3:20pm
- Joined Oct 2007 | Status: Trader | 3,461 Posts
I'm wondering what is causing the jpy sell off ,i notice no red news ,I mean last week with $ it was quite an easy pick....theres a lot of currency pairs where a decision need to be made soon.
Up or down.
maybe some options or bets on futures are running off these days in japan, or some other fundamental news from economic.
I see the monthly candles (they are not done yet !), saying that there is a true reversal (+ double top on weekly usdlfx ?), BUT i doubt that this crises is over now or soon.
Iīam looking for a better short entry, and think professional traders wanted just a better entry point for an opposite trade (short) in a few weeks, or very very soon (to destroy this monthly reversal patterns).
One fundamental indication for crisis over will be banks changing
interest rates up.
Daily candlestick pattern will tell us
- #5,947
- Mar 23, 2009 3:35pm Mar 23, 2009 3:35pm
- Joined Oct 2007 | Status: Trader | 3,461 Posts
thanku peaches for your help im still in the trade i am holding on to it ,but those 2 candles scared me a bit
thanks again
be decision of the trader on its own. Please read a good book from Mr. Steve Nison about candlestick, then demotrade, or trade with small money for training. If you got profit, lock it in, donīt be greedy (like me often).
It is possible that price went down to ~140.60 or lower, before it will
go up. I exited my long trade and will re-enter if I think there are bulish pattern on lower timeframes (1h).
Donīt get me wrong, I`am glad to help in reading and interpreting candlesticks, but itīs traders one decision, what to to
- #5,948
- Mar 23, 2009 3:40pm Mar 23, 2009 3:40pm
- Joined Nov 2007 | Status: left CanaryWharf desk-tea break | 24,286 Posts
On-site guru & also FF member's' psychiatrist, when not drinking tea
- #5,949
- Mar 23, 2009 3:41pm Mar 23, 2009 3:41pm
- | Joined Oct 2007 | Status: work in progress | 1,009 Posts
I hope you trade demo or small money, because I will not be responsible, if some news will destroy everythink, forex is high risk, and every trade should
be decision of the trader on its own. Please read a good book from Mr. Steve Nison about candlestick, then demotrade, or trade with small money for training. If you got profit, lock it in, donīt be greedy (like me often).
It is possible that price went down to ~140.60 or lower, before it will
go up. I exited my long trade and will re-enter if I think there are bulish pattern on lower timeframes...
I'm afraid many come here and trade off the charts without looking
, what can ya do
Don't chase the market, Let the market come to you
- #5,950
- Mar 23, 2009 3:45pm Mar 23, 2009 3:45pm
- Joined Nov 2007 | Status: left CanaryWharf desk-tea break | 24,286 Posts
On-site guru & also FF member's' psychiatrist, when not drinking tea
- #5,951
- Mar 23, 2009 3:58pm Mar 23, 2009 3:58pm
- Joined Oct 2007 | Status: Trader | 3,461 Posts
Yes Peter maybe bets running off ,agree its in the charts,just the jpy making the move into a new zone like that ,I think that is significant.
I have to go to bed now.
I will by the dips, a small buy limit order at 140.600 and 141.600 for geppy.
- #5,952
- Mar 23, 2009 4:46pm Mar 23, 2009 4:46pm
- Joined Nov 2007 | Status: left CanaryWharf desk-tea break | 24,286 Posts
On-site guru & also FF member's' psychiatrist, when not drinking tea
- #5,954
- Mar 23, 2009 11:54pm Mar 23, 2009 11:54pm
- Joined Oct 2007 | Status: Trader | 3,461 Posts
no i always do my checks and i got in on the retrace of the 139.0 level,it broke through and came back,plus with what u said just gave me more confidence ,it was my decision,just came back from the beach and it has gone up more time to move the stop
thanks
Hope you took some nice profits. Its early morning here, and money was made while sleeping
- #5,955
- Mar 24, 2009 3:03am Mar 24, 2009 3:03am
- Joined Nov 2007 | Status: left CanaryWharf desk-tea break | 24,286 Posts
Yep it came in high
Spinning top = continuation
Spinning top = continuation
UK CPI tomorrow I wouldn't be surprised if its higher than expected.
On-site guru & also FF member's' psychiatrist, when not drinking tea
- #5,957
- Mar 24, 2009 3:11am Mar 24, 2009 3:11am
- Joined Nov 2007 | Status: left CanaryWharf desk-tea break | 24,286 Posts
On-site guru & also FF member's' psychiatrist, when not drinking tea
- #5,959
- Mar 24, 2009 11:55am Mar 24, 2009 11:55am
- Joined Oct 2007 | Status: Trader | 3,461 Posts
GBP_USD Spot.png
Tony.Peaches
can you confirm please or otherwise......is this a Harami Pattern ?
baz
I donīt think so.
"Harami", if i remember right, the meaning is "birth of something new".
Well, something like this. But I canīt see something new (change in trend).
The usd starts falling 4h, and the pound has a broken 4 h bearish candle.
I think this one has gone through a resistance, and target is 1,50.
On 4 h chart we have seen such times of consolidation before, which is
irretating (for me and maybe other traders, if you look for a pattern on 4 h chart), but there are bullish moves in the future
Have a nice time baz
- #5,960
- Mar 24, 2009 12:01pm Mar 24, 2009 12:01pm
- Joined Dec 2007 | Status: Trader | 1,964 Posts
Hi baz,
I donīt think so.
"Harami", if i remember right, the meaning is "birth of something new".
Well, something like this. But I canīt see something new (change in trend).
The usd starts falling 4h, and the pound has a broken 4 h bearish candle.
I think this one has gone through a resistance, and target is 1,50.
On 4 h chart we have seen such times of consolidation before, which is
irretating (for me and maybe other traders, if you look for a pattern on 4 h chart), but there are bullish moves in the future
Have a nice time baz
baz