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Daily candle chart

  • #7,481
  • May 2, 2009 9:36am May 2, 2009 9:36am
Now where is my dear friend Hussin?

This monthly chart pattern formation for gbpusd says to me buy all dips. I don't trade monthly though, so I'll watch how it develops on daily and weekly.
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  • #7,482
  • May 2, 2009 10:11am May 2, 2009 10:11am
Quoting GodfreyH
Now where is my dear friend Hussin?

This monthly chart pattern formation for gbpusd says to me buy all dips. I don't trade monthly though, so I'll watch how it develops on daily and weekly.

i do agree with u, its like a rounded bottom, but definately looking like a trend reversal formation
  • #7,483
  • May 2, 2009 10:47am May 2, 2009 10:47am
Quoting GodfreyH
Now where is my dear friend Hussin?

This monthly chart pattern formation for gbpusd says to me buy all dips. I don't trade monthly though, so I'll watch how it develops on daily and weekly.
agree with you on the buy on dips for GBP
  • #7,484
  • May 2, 2009 11:05am May 2, 2009 11:05am
what do you guys think? I was anticipating a morning star off the horizontal line...but we never got a bullish candle on Friday...
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  • #7,485
  • May 2, 2009 11:51am May 2, 2009 11:51am
Quoting ybeidas
what do you guys think? I was anticipating a morning star off the horizontal line...but we never got a bullish candle on Friday...
Friday was a low volume day, due to it being a public holiday in some markets, and with Monday also being a public holiday in the UK, it's not unreasonable to suggest that noone wanted to take a major decision on the $ until we were back to normal trading. We may have to wait until Tuesday for our answer of where the $ is going.

With the slighly larger body, I saw it as perhaps a bearish in neck continuation. Go back a few pages and view the discussion, or rather instruction, Hussin gave.
  • #7,486
  • May 2, 2009 6:07pm May 2, 2009 6:07pm
hi all hope u r having a good weekend, would i be right with the gbplfx we are bullish ,we have a piercing line on the weekly and a nice triangle forming,the 2.88 is were it needs to break,and on the daily it is just coiling up so tight

thanks john
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  • #7,487
  • May 3, 2009 4:40am May 3, 2009 4:40am
Quoting Bones
yes it could, may be slightly defective
Bones, I have a question about yours and Hussin's use of the word defective. Do you mean that it's not a strict pattern formation, but it's close enough so it's still good to go but we should trade carefully, or that we cannot consider the pattern at all and should look for other signs?

Thanks
  • #7,488
  • May 3, 2009 4:52am May 3, 2009 4:52am
because i see it in your chart desperate, i've got also a question, how much deteriorates a candlestick pattern in terms of percentages if the pattern is at a pullback instead of the top of a trend?

for example, in the chart above: the bullish piercing line is not at the bottom of a downtrend more at the bottom of a pullback in an uptrend.

or how many candles before the pattern qualify for a trend, so that the pattern is correct?
Invincibility lies in the defence, the possibility of victory in the attack
  • #7,489
  • May 3, 2009 4:59am May 3, 2009 4:59am
Well Daffy the pattern is not picture perfect ,for instance my rising 3 has a couple of faults.
i.e The body of the final day should open within the last pull back day and close above the first big white candle.
I suppose not everything will be picture perfect but still if you can recognise a pattern that has not quite hit the mark you can still profit from it. That’s my take on what Hussin has taught.
We are lucky because without Hussin to show how candles are used in real life we would always be looking for exact carbon copies of books.....
Also when I posted the original rising 3 thought I also used say the monthly which although had a very bearish looking monthly candle, I believed it would not close like that but more bullish and other confluences to add to the view.
May be its not as powerful as an exact match I could not tell you.
Even picture perfect fails sometimes....





Quoting daffy
Bones, I have a question about yours and Hussin's use of the word defective. Do you mean that it's not a strict pattern formation, but it's close enough so it's still good to go but we should trade carefully, or that we cannot consider the pattern at all and should look for other signs?

Thanks
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #7,490
  • May 3, 2009 5:04am May 3, 2009 5:04am
here what i mean, a bullish engulfing on weekly, but not in an downtrend, more a pullback
or do the 3 candles before qualify a downtrend for this pattern?
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Invincibility lies in the defence, the possibility of victory in the attack
  • #7,491
  • May 3, 2009 5:22am May 3, 2009 5:22am
Well Silver location is not great as you say.So then its time to expand the thought process to previous candles ,other t/fs ,other pairs for confluence?
May be its pull back ,Just because the location is not great dose not mean it will fail.

Quoting silverheat
here what i mean, a bullish engulfing on weekly, but not in an downtrend, more a pullback
or do the 3 candles before qualify a downtrend for this pattern?
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #7,492
  • Edited 5:58am May 3, 2009 5:27am | Edited 5:58am
To me it seems trend is intact ,im looking for 150 to go
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #7,493
  • May 3, 2009 10:22am May 3, 2009 10:22am
hi dear all
  • #7,494
  • May 3, 2009 10:23am May 3, 2009 10:23am
Quoting daffy
Where's Hussin? He seems to have vanished since Wednesday. Holiday?
maybe !
  • #7,495
  • May 3, 2009 10:32am May 3, 2009 10:32am
Quoting hussin naiji
hi dear all
hi hussin, it was a positive week last week, but now the battle is becoming hard, looks like we are going to face important resistances.
we need all your skill and charts for the coming sessions
  • #7,496
  • May 3, 2009 10:46am May 3, 2009 10:46am
Quoting GodfreyH
Now where is my dear friend Hussin?

This monthly chart pattern formation for gbpusd says to me buy all dips. I don't trade monthly though, so I'll watch how it develops on daily and weekly.
hey GodfreyH ,my dear bro
i think these words are special particulars for you,truth ,loverly.also your special particulars in FF ,small posts but with high pay attention ,keeping aloof from edge problrms in FF,profitability your view(posts) for all treadrs(from beginner trader till professional trader in FF)
i have God more more green pips 4 you with good health 4 you and your honourable family
yours sincerely
Hussin
  • #7,497
  • May 3, 2009 10:49am May 3, 2009 10:49am
Quoting nAVIN2007
yes actually u and hussin again responsible i been trading the candlestick formation and this on a larger time frame makes all the difference...i keep planing to read a book on candle sticks....but theres never enough time

i will do thou b4 i go live them prehaps i can start making some cash....chat to u in a bit bro
hi nAVIN
  • #7,498
  • May 3, 2009 10:50am May 3, 2009 10:50am
new changes in LFX market
in the first time monthly charts
  • #7,499
  • May 3, 2009 10:54am May 3, 2009 10:54am
for monthly canlde chart USD LFX
we have seen a truth bearish 3 outside down for previous month.
this pattern show to me a forming identical 3 crows bearish for this month
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  • #7,500
  • May 3, 2009 10:55am May 3, 2009 10:55am
Quoting hussin naiji
for monthly canlde chart USD LFX
we have seen a truth bearish 3 outside down for previous month.
this pattern show to me a forming identical 3 crows bearish for this month
also we must have pay attention to lower wicks previous for this form
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