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Daily candle chart

  • #7,801
  • May 21, 2009 6:39pm May 21, 2009 6:39pm
Quoting baz
Hi Jon
i still see Cable as BULLISH......daily made another high, and weekly at Present Bullish...
there is news on GDP,you can wait and see how market absorbs the News,but remember there is a Holiday in US and UK on Monday,and its a Friday as well..
i would not be suprised to see 1.600 and its sitting at 38% FIBO level
baz
Hi Baz! How you doing Sir?

Ok, every dip on cable is being buying, maybe the market -as you say- is waiting for 1.60 key level for begins a correction, I don't like this PA, all my indi's from 5m to daily are OB, I don't trade that, maybe buying tops isn't a good idea, as you advice me, I'll be waiting to the next week for take a trade on cable.
Baz, what do you think about sushi pairs?

Take a look to this weekly LFXJPY chart:

Attached Image (click to enlarge)
Click to Enlarge Name: lfxjpy.gif Size: 21 KB


The weekly bearish engulfing is working nicely, but candle of this week is like a bullish harami or something, what's your analysis for that?, I think the Yen is on uptrend yet (bearish on charts) IMHO.

Thanks!

Jhon
"THE ALL is Mind; the Universe is Mental--held in the mind of THE ALL."
  • #7,802
  • May 21, 2009 6:59pm May 21, 2009 6:59pm
Quoting JhonMonsalve
Hi Baz! How you doing Sir?

Ok, every dip on cable is being buying, maybe the market -as you say- is waiting for 1.60 key level for begins a correction, I don't like this PA, all my indi's from 5m to daily are OB, I don't trade that, maybe buying tops isn't a good idea, as you advice me, I'll be waiting to the next week for take a trade on cable.
Baz, what do you think about sushi pairs?

Take a look to this weekly LFXJPY chart:

Attachment

The weekly bearish engulfing is working nicely, but candle of this week is like...
Baz, almost I forgot, take a look to daily candle on GBPLFX, is kinda hanging man or something??

Attached Image (click to enlarge)
Click to Enlarge Name: gbplfx.gif Size: 23 KB


Any ideas?

Jhon
"THE ALL is Mind; the Universe is Mental--held in the mind of THE ALL."
  • #7,803
  • May 21, 2009 7:38pm May 21, 2009 7:38pm
Well I'm not sure about the calculation ,I tend to go by eye ,nice long trade tho..

Quoting errich fx
Already take 50pips

I have calculation for long body and short body,
B1 >= 2*((B2+B3+B4+B5+B6+B7+B8+B9+B10+B11)/10) // candle 1 Long Body
B >= (( B1+B2+B3+B4+B5+B6+B7+B8+B9+B10 )/40) // candle 0 > short body

please give comment

Attachment

----------------------------

forexinterval

.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #7,804
  • May 21, 2009 8:13pm May 21, 2009 8:13pm
Quoting Bones
Well I'm not sure about the calculation ,I tend to go by eye ,nice long trade tho..
I modified candlestick pattern to make specific result, :

Long body : if candle body > 2*(10 average previous candle)
Short body : if candle body < 1/4 * ( 10 average previous candle )
filter : first cross stochastic 533

Attached Image (click to enlarge)
Click to Enlarge Name: forex.gif Size: 16 KB


and then I tend to entry by current trend and by eye

this indicator not perfect yet, still work on it, but this indicator can give 60-70% accurate

Attached File(s)
File Type: mq4 herman Pattern Stoch 533.mq4   33 KB | 804 downloads


_______________________________

support resistance

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  • #7,805
  • May 22, 2009 1:35am May 22, 2009 1:35am
Quoting JhonMonsalve
Baz, almost I forgot, take a look to daily candle on GBPLFX, is kinda hanging man or something??

Attachment

Any ideas?

Jhon
Hi Jhon
as i said Cable is Bullish,but you pointed out the "HANG MAN" on Daily.....so its best to wait and see untill Tuesday London Session....
the Yen is not my srong Cup of Tea.....perhaphs Peter and Tony can guide on this pair...
But i dont see any thing Exciting......remember the Jap Economy has become weaker,so they would not like to see a Strong Yen..
But Peter and Tony can we have your inputs as well ?

baz
  • #7,806
  • May 22, 2009 2:41am May 22, 2009 2:41am
Oh right its the formula for a indicator,good work there beyond me.

Its worth noting that a 30 min time frame is not a reliable candle to trade off ,often you need to be to quick on your toes as sentiment of 30 min can change very quickly.

Quoting errich fx
I modified candlestick pattern to make specific result, :

Long body : if candle body > 2*(10 average previous candle)
Short body : if candle body < 1/4 * ( 10 average previous candle )
filter : first cross stochastic 533

Attachment

and then I tend to entry by current trend and by eye

this indicator not perfect yet, still work on it, but this indicator can give 60-70% accurate

Attachment

_______________________________

support resistance...
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #7,807
  • May 22, 2009 6:03am May 22, 2009 6:03am
Quoting Bones
Really Global I have never looked at Volumes and actually have no opinion on them.Ive only really traded Forex and was always under the impression that there were no reliable vol sources.Right now im just practicing my candles as my strategy as I don't want to overcomplicated things.
I see what you mean...I'm experimenting with volume/OI myself.
However, since bunds are exchange-traded, their data is pretty reliable.

May 21st candle confirmed my suspision. Now the question becomes is this an inverted hammer as in reversal or quasi-shooting star as in continuation. Quasi-SStar because it's not at the top but there's a opening gap.

Volume = 659'573 falling for the last three sessions
OpenInt = 863'724

I'd be tilting towards continuation at this point since the mini may8th-19th uptrend was also broken.


Also Tony, did you notice as well the similarity this candle and yesterday's candle on Cable: both have long shadows, but cable did not violate previous session's low whereas bunds did violate previous two session's highs . What do you think? maybe some kind of fundamental relationship. Yesterday's sharp cable selloff may not have been UK-specific after all.


GM
Attached Image (click to enlarge)
Click to Enlarge Name: bund.gif Size: 13 KB
Hear the music before the song is over ...
  • #7,808
  • May 22, 2009 6:38am May 22, 2009 6:38am
Oh absolutely Global the exchange Vols are reliable and I notice there are a lot of traders using them for Forex too on the FF.
I really don’t know about the correlation but after a little read up I think the Eur Bund is just like the US treasury Note which Hussin has pointed out has a direct effect on the $.
Im not a fundamentalist but the sharp sell off seemed to be isolated to the £ ,so I guess it is not related ,tho I couldn’t be sure.
Im going to watch with interest as to whether the 120 holds ...
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #7,809
  • May 22, 2009 7:21am May 22, 2009 7:21am
Also what magnified Cables fall was the £ & $ pulled back at the same time from their current trend.
I wonder whether the wicks to the south are now at the top or bottom since a key level has been taken?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 12)gbp lfx h8 23tn may.gif Size: 21 KB
Click to Enlarge Name: 12)usd lfx h8 23tn may.gif Size: 25 KB
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #7,810
  • May 22, 2009 8:23am May 22, 2009 8:23am
Everything points out to bottoming process in dollar and topping process in cable. Something that's lacking, though, is price confirmation(=>the CBs are actively putting pressure on the dollar)
Attached Image (click to enlarge)
Click to Enlarge Name: dlr.gif Size: 12 KB
Attached Image
Hear the music before the song is over ...
  • #7,811
  • May 22, 2009 9:19am May 22, 2009 9:19am
Quoting Bones
Oh right its the formula for a indicator,good work there beyond me.

Its worth noting that a 30 min time frame is not a reliable candle to trade off ,often you need to be to quick on your toes as sentiment of 30 min can change very quickly.
Yes you right, bigger time frame can give better result, this is my NZDUSD daily chart with my patterns indicator

last 5 signals without stop
Attached Image (click to enlarge)
Click to Enlarge Name: forex.gif Size: 13 KB


___________________________

Support Resistance

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  • #7,812
  • May 22, 2009 11:59am May 22, 2009 11:59am
Quoting errich fx
Yes you right, bigger time frame can give better result, this is my NZDUSD daily chart with my patterns indicator

last 5 signals without stop
Attachment

___________________________

Support Resistance

.
hi EerichFx..
care to share your neat Indicator,it will save a lot of Eye searching...

thanks

baz
  • #7,813
  • May 22, 2009 12:06pm May 22, 2009 12:06pm
Quoting baz
Hi Jhon
as i said Cable is Bullish,but you pointed out the "HANG MAN" on Daily.....so its best to wait and see untill Tuesday London Session....
the Yen is not my srong Cup of Tea.....perhaphs Peter and Tony can guide on this pair...
But i dont see any thing Exciting......remember the Jap Economy has become weaker,so they would not like to see a Strong Yen..
But Peter and Tony can we have your inputs as well ?

baz
Hmm Jhon.......The Yen seems to have weakened today..

baz
  • #7,814
  • May 22, 2009 12:37pm May 22, 2009 12:37pm
Quoting baz
hi EerichFx..
care to share your neat Indicator,it will save a lot of Eye searching...

thanks

baz
I don't know if it is the same one as EerichFx's, but it does the same job. Just turn off the patterns you're not interested in.
Attached File(s)
File Type: mq4 Pattern Recognition.mq4   16 KB | 562 downloads
  • #7,815
  • Edited 1:08pm May 22, 2009 12:50pm | Edited 1:08pm
Quoting baz
Hi Jhon
as i said Cable is Bullish,but you pointed out the "HANG MAN" on Daily.....so its best to wait and see untill Tuesday London Session....
the Yen is not my srong Cup of Tea.....perhaphs Peter and Tony can guide on this pair...
But i dont see any thing Exciting......remember the Jap Economy has become weaker,so they would not like to see a Strong Yen..
But Peter and Tony can we have your inputs as well ?

baz
Hi Baz!

Thanks for your reply!

It looks like the "HANG MAN" on GBPLFX is playing nicely, today candle is a confirmation of the pullback:

Attached Image (click to enlarge)
Click to Enlarge Name: gbplfxd.gif Size: 23 KB


Maybe the next week we could see a retest of the LTL in GBPLFX, I hope for your analysis on weekend Baz

Take care everybody!

Jhon
"THE ALL is Mind; the Universe is Mental--held in the mind of THE ALL."
  • #7,816
  • May 22, 2009 1:02pm May 22, 2009 1:02pm
Quoting baz
Hmm Jhon.......The Yen seems to have weakened today..

baz
Yes Sir! I see this on LFXJPY, kinda H & S on daily TF. For me is only a pullback, but on daily, weekly, and monthly charts, the yen look very strong yet, look:

Attached Image (click to enlarge)
Click to Enlarge Name: lfxjpy.gif Size: 25 KB


Maybe a test of the UTL??, I don't know, but if this candle close below 61.8% Fibo from last drop, the yen is on bearish mode. IMHO.

What do you think?

Jhon
"THE ALL is Mind; the Universe is Mental--held in the mind of THE ALL."
  • #7,817
  • May 22, 2009 1:08pm May 22, 2009 1:08pm
Quoting JhonMonsalve
Yes Sir! I see this on LFXJPY, kinda H & S on daily TF. For me is only a pullback, but on daily, weekly, and monthly charts, the yen look very strong yet, look:

Attachment

Maybe a test of the UTL??, I don't know, but if this candle close below 61.8% Fibo from last drop, the yen is on bearish mode. IMHO.

What do you think?

Jhon
hi jhon
i will have a look at Yen pairs in W/e....
but for cable have a look at my post here....

http://www.forexfactory.com/showpost...postcount=1134

baz
  • #7,818
  • May 22, 2009 1:14pm May 22, 2009 1:14pm
Quoting baz
hi jhon
i will have a look at Yen pairs in W/e....
but for cable have a look at my post here....

http://www.forexfactory.com/showpost...postcount=1134

baz
Thanks, I'm totally agree, cable is OB in all TF's, a pull back is more than necesary to resume the uptrend.

Jhon
"THE ALL is Mind; the Universe is Mental--held in the mind of THE ALL."
  • #7,819
  • May 24, 2009 9:30am May 24, 2009 9:30am
Hello dear traders hussin, baz, tony and the rest of the crew.

I have now time for a little bit of analyses:

First Geppy:

I see geppy just at a resistance at the moment, if it not turns immediatly down, I see next resistance at 155 and target above 159/160.

On weekly we see maybe history repeat, if you compare last 2 weeks candle, which means next week up a bit, than retrace.

Over all I`am bullish on geppy.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: geppyold2.gif Size: 12 KB
Click to Enlarge Name: geppy day1.gif Size: 12 KB
Click to Enlarge Name: geppy day2.gif Size: 14 KB
Attached Image
  • #7,820
  • May 24, 2009 9:33am May 24, 2009 9:33am
geppy bigger picture, notice especially weekly:

red candle - green candle - small green candle up.

Maybe this week small candle up ?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: geppy weekly.gif Size: 10 KB
Click to Enlarge Name: geppy bigger picture.gif Size: 11 KB
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