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Trade what you see NOT what you expect

  • #4,361
  • Edited 5:56am Mar 27, 2009 5:46am | Edited 5:56am
Quoting ezmystic
which one on hour?
The pin which is closing in 14 min

Looks like it does not want to be a pin.
  • #4,362
  • Mar 27, 2009 5:58am Mar 27, 2009 5:58am
Quoting pmn100
Hi ez. Was this something to do with the inverted hammer about an hour and a half ago?
out at BE, no the pin 2 1/2 hours ago
please DON'T copy my trades I am still learning
  • #4,363
  • Mar 27, 2009 5:59am Mar 27, 2009 5:59am
Quoting Xaron
Hangin man?

Inverted Hangman Lesson no.1 :nerd:

Pattern Explanation

: Market is characterized by downtrend. The upper shadowshould be at least two times the length of the body. The real body is at the lower endof the trading range. There should be no lower shadow or a very small lower shadow.

The Inverted Hammer tells us that the market opened near its low, then stronglyrallied and finally backed off to close near the opening. Inverted Hammer is a bottom reversal candlestick.



Important Points

: Bullish verification on the day following the inverted hammer is required. This verification can be in the form of the next day opening above the inverted hammer’s real body. The larger the gap the stronger the confirmation will be.
Good Trading To All ; Ken Lee
  • #4,364
  • Mar 27, 2009 6:05am Mar 27, 2009 6:05am
So, I am not sure if this frequently spotted pattern in cable is know as a Head and Shoulders, or a Fringe and big ears. To me it is more like the hanging man...
Attached Image (click to enlarge)
Click to Enlarge Name: Bigears.jpg Size: 326 KB
Ride the Bulls bearback!
  • #4,365
  • Mar 27, 2009 6:06am Mar 27, 2009 6:06am
Quoting alcando
So, I am not sure if this frequently spotted pattern in cable is know as a Head and Shoulders, or a Fringe and big ears. To me it is more like the hanging man...
please DON'T copy my trades I am still learning
  • #4,366
  • Mar 27, 2009 6:07am Mar 27, 2009 6:07am
Quoting alcando
So, I am not sure if this frequently spotted pattern in cable is know as a Head and Shoulders, or a Fringe and big ears. To me it is more like the hanging man...
Well spotted!!!
  • #4,367
  • Mar 27, 2009 6:08am Mar 27, 2009 6:08am
Quoting alcando
So, I am not sure if this frequently spotted pattern in cable is know as a Head and Shoulders, or a Fringe and big ears. To me it is more like the hanging man...
The best!
  • #4,368
  • Mar 27, 2009 6:10am Mar 27, 2009 6:10am
Quoting alcando
So, I am not sure if this frequently spotted pattern in cable is know as a Head and Shoulders, or a Fringe and big ears. To me it is more like the hanging man...

Hanging Man or Hanging Chin?? haha

if we get a retest of the neckline or chin line at 4400 ive got my shorts ready. for some reason i dont see it coming though
  • #4,369
  • Mar 27, 2009 6:16am Mar 27, 2009 6:16am
Quoting alcando
So, I am not sure if this frequently spotted pattern in cable is know as a Head and Shoulders, or a Fringe and big ears. To me it is more like the hanging man...

Nice spotting Al, I think we could be in for a reversal when those lips start to close!
  • #4,370
  • Mar 27, 2009 6:20am Mar 27, 2009 6:20am
Yes, I will wait for the lip line as unless I catch a test on good support we are likely to see more downside. I am waiting for a retrace to short nearer US open. Just don't want to be caught trying to scoop the pieces from a £ that has little bounce in her with such a heavyweight leader.
Ride the Bulls bearback!
  • #4,371
  • Mar 27, 2009 6:22am Mar 27, 2009 6:22am
haha, good one, alcando. it's not been a good couple of days for brown, we had the tory MEP attacking him for attempting to spend his way out of recession, we had mervyn king go on record that another fiscal stimulus package could not be afforded with the current levels of debt, and it wouldn't have been so bad if brown had agreed with him, but rather he rubbished it, and then later acknowledged that he was indeed correct, and took a position closer to what king, darling and the treasury.
  • #4,372
  • Mar 27, 2009 6:22am Mar 27, 2009 6:22am
Quoting alcando
So, I am not sure if this frequently spotted pattern in cable is know as a Head and Shoulders, or a Fringe and big ears. To me it is more like the hanging man...
lol!
  • #4,373
  • Mar 27, 2009 6:29am Mar 27, 2009 6:29am
Yes, The UK would be better off with Mr Bean as the boss.


Quoting daffy
haha, good one, alcando. it's not been a good couple of days for brown, we had the tory MEP attacking him for attempting to spend his way out of recession, we had mervyn king go on record that another fiscal stimulus package could not be afforded with the current levels of debt, and it wouldn't have been so bad if brown had agreed with him, but rather he rubbished it, and then later acknowledged that he was indeed correct, and took a position closer to what king, darling and the treasury.
Ride the Bulls bearback!
  • #4,374
  • Mar 27, 2009 6:33am Mar 27, 2009 6:33am
Concerning the 15m chart below. I was expecting the first circled candle to signal a reversal, but price continued south. The next circled candle, which I believe is an inverted hangman, did result in a reversal.

Can anyone tell me the difference in psychology between these two candles and why one should have resulted in a reversal, and not the other? What's the process for trading these candles as they seem to have questionable reliability to me?
Attached Image
  • #4,375
  • Mar 27, 2009 6:49am Mar 27, 2009 6:49am
I am long 1.4322 lets see how long this reversal lasts
  • #4,376
  • Mar 27, 2009 6:51am Mar 27, 2009 6:51am
Good morning to ALL...
I will keep an eye on my 4H closing in 10min...then i will look for a seat...wishing everyone green pips today....
  • #4,377
  • Mar 27, 2009 6:55am Mar 27, 2009 6:55am
Quoting pmn100
Concerning the 15m chart below. I was expecting the first circled candle to signal a reversal, but price continued south. The next circled candle, which I believe is an inverted hangman, did result in a reversal.

Can anyone tell me the difference in psychology between these two candles and why one should have resulted in a reversal, and not the other? What's the process for trading these candles as they seem to have questionable reliability to me?
the first was 15 mins bfore major news item, so I wouldn't trade it cos anything can happen. the second was against s/r level and no news out around this time so PA better and previous candle was almost flat bottom against s/r line which is good for a possible reversal

EDIT also the wick on the bottom of my second one is much shorter, that depends on feed
please DON'T copy my trades I am still learning
  • #4,378
  • Mar 27, 2009 7:00am Mar 27, 2009 7:00am
Quoting davids
I am long 1.4322 lets see how long this reversal lasts
I would say short based on hangman on 15M.
  • #4,379
  • Mar 27, 2009 7:04am Mar 27, 2009 7:04am
Quoting ezmystic
the first was 15 mins bfore major news item, so I wouldn't trade it cos anything can happen. the second was against s/r level and no news out around this time so PA better and previous candle was almost flat bottom against s/r line which is good for a possible reversal
Thanks

So should these candles be treated the same way? i.e. they both signal possible reversals?
  • #4,380
  • Mar 27, 2009 7:13am Mar 27, 2009 7:13am
Quoting Komissar
I would say short based on hangman on 15M.
You are correct I am getting my hammers and hangmen confused
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