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If you love the EUR/JPY and you know it... clap your hands!

  • #781
  • May 29, 2009 1:00am May 29, 2009 1:00am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting Low
I am a very firm believer in wicks. I believe that most candles want to have a wick. I am sure this has been explored in depth somewhere else, but this belief inevitably leads me to draw conclusions about the possible development of a given candle.

And right now, I am confused:

Any thoughts?


From what you say, there seems to be 5 hours between the closing times of the daily candles.

5 hours if forex can be a lifetime.

I'm not too familiar with wick theory. So my comment here is probably redundant.

However, I'm familiar with candles/bars; I don't take them seriously until they have closed (you won't believe the things that can happen in the last 30 seconds of a 5-min candle!).


Magnus
  • #782
  • May 29, 2009 1:24am May 29, 2009 1:24am
Quoting Yuppie
I don't take them seriously until they have closed (you won't believe the things that can happen in the last 30 seconds of a 5-min candle!).


Magnus

Yeah, that's an understatement.

Maybe there has been no exploration of the concept, but if you look a any chart, MOST of the candles have SOME wick on both ends, so the absence of a wick on either end, leads me to believe that one will often be created before the candle closes.

This, however, is all just observation, during my staggering 9 month tenure of looking at charts.
  • #783
  • May 29, 2009 1:31am May 29, 2009 1:31am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting Low
Yeah, that's an understatement.

Maybe there has been no exploration of the concept, but if you look a any chart, MOST of the candles have SOME wick on both ends, so the absence of a wick on either end, leads me to believe that one will often be created before the candle closes.

This, however, is all just observation, during my staggering 9 month tenure of looking at charts.

Okay, but I'm not sure what you're getting at.

Is the indentifying of wicklessness helpful in some way to candle interpretation?


Magnus
  • #784
  • May 29, 2009 1:49am May 29, 2009 1:49am
This sounds so silly when I write it, but....

Most candles want a wick.

Meaning if I want it to go up, and when it opens it starts to go down, this is healthy, because it has a formed a lower wick, and can then proceed upward, and the inverse is also true, if I want it to go up, and it opens up, then I am instantly skeptical, because it has formed an upper wick, and can now head downward (against my position).

I say they "want" a wick, because I've seen many candles opens a single direction without one (H1 ....H4), and then retrace all the way back to get one, before continuing onward in their previous direction.

And as much as you will find some candles without them, they are in the minority.

So I look at "wick formation" to indicate how much I should "trust" the current direction of the candle.
  • #785
  • May 29, 2009 2:08am May 29, 2009 2:08am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting Low
This sounds so silly when I write it, but....

Most candles want a wick.

Meaning if I want it to go up, and when it opens it starts to go down, this is healthy, because it has a formed a lower wick, and can then proceed upward, and the inverse is also true, if I want it to go up, and it opens up, then I am instantly skeptical, because it has formed an upper wick, and can now head downward (against my position).

I say they "want" a wick, because I've seen many candles opens a single direction without one (H1 ....H4), and then retrace all the...


Interesting take on this Low.

Think I'll maybe take a look over the weekend - see if there is much in it.

Cheers.

Magnus
  • #786
  • May 29, 2009 2:16am May 29, 2009 2:16am
She go up now
  • #787
  • May 31, 2009 8:44pm May 31, 2009 8:44pm
Break of Fridays high we could see 137.50 then 138.60 and 141.70
4h looks like we could get a retrace to133.00 or 131.25
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  • #788
  • Jun 1, 2009 12:27am Jun 1, 2009 12:27am
bank holiday in germany & france.
prepare for worst & expect the best
  • #789
  • Jun 1, 2009 11:00am Jun 1, 2009 11:00am
Hi all,

I'm sorry to say, it's time for me to abandon EJ for awhile. My trading has been erratic, and my plans nonexistent. NO PLAN=NO FAITH

Good trades gets closed out of fear, bad trades let run out of hope.

Not a speck of rational judgement to be found anywhere.

I'm heading over to Jacko's thread for a bit, and will be focusing primarily on the EUR/USD for learning purposes, though I will peek in on miss EJ from time to time.

Happy trading, and the best of luck to you all.



http://i44.tinypic.com/2kg7eq.png
  • #790
  • Jun 1, 2009 11:11am Jun 1, 2009 11:11am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting Low
Hi all,

I'm sorry to say, it's time for me to abandon EJ for awhile. My trading has been erratic, and my plans nonexistent. NO PLAN=NO FAITH

Good trades gets closed out of fear, bad trades let run out of hope.

Not a speck of rational judgement to be found anywhere.

I'm heading over to Jacko's thread for a bit, and will be focusing primarily on the EUR/USD for learning purposes, though I will peek in on miss EJ from time to time.

Happy trading, and the best of luck to you all.



Your input will be missed Low, thank you for your contributions and hope Jacko goes well for you.

I follow the Jacko thread also (never posted there though).

Jacko-style will teach everything trading requires; discipline, patience et al.


Best of luck,

Magnus
  • #791
  • Jun 1, 2009 10:40pm Jun 1, 2009 10:40pm
Wish you well. Don't give up on EJ though. May be when you do come up with a trading plan, you can use a practice account for EJ while learning EURUSD. After 2 years of trading w/ lots of losses, fear and not being disciplined. I've finally figured out that Rome was not built overnight. So my aim is 100 pips a week, and I just slowly increase my lots using the one and four hour timeframe. Just started doing that and we'll see where this takes me. If all goes well in June I will start posting my results and trading method - see if I can help others.
Good luck.

Quoting Low
Hi all,

I'm sorry to say, it's time for me to abandon EJ for awhile. My trading has been erratic, and my plans nonexistent. NO PLAN=NO FAITH

Good trades gets closed out of fear, bad trades let run out of hope.

Not a speck of rational judgement to be found anywhere.

I'm heading over to Jacko's thread for a bit, and will be focusing primarily on the EUR/USD for learning purposes, though I will peek in on miss EJ from time to time.

Happy trading, and the best of luck to you all.


~What u see is what you get, no predictions in the Forex Market~
  • #792
  • Jun 2, 2009 10:14am Jun 2, 2009 10:14am
stupid FXCM!
the connection went so bloody slow and i couldnt short EJ at the top!
daily chart 137.40..
  • #793
  • Jun 2, 2009 11:37am Jun 2, 2009 11:37am
The best way, for me, to trade eur/jpy is to trade support/resistance and chart patterns
  • #794
  • Jun 2, 2009 6:11pm Jun 2, 2009 6:11pm
2 Sell orders placed at the low of 2nd June at the red arrow due to stoch above 95. A risky counter-trend trade, but risk reward is attractive and a double-top is evident.

Time will tell

Dazzer
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  • #795
  • Jun 4, 2009 8:58pm Jun 4, 2009 8:58pm
Looking for a break and close above
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FF journal: Peaks and Troffs
  • #796
  • Jun 4, 2009 11:12pm Jun 4, 2009 11:12pm
Quoting jack.canadia
The best way, for me, to trade eur/jpy is to trade support/resistance and chart patterns
Isn't that the best wat to trade period ?

I agree by the way , it definitely works better for me as well.

On another note EY does seem top heavy and hopefully we see a down move. The blue lines mark an area of interest for me as a buy. Not quite a "no brainer" , but it does work. If it does indeed go down a bit , I'm quite sure it will reach the 135 , so ashort to that area is also tempting .

Let's see how this plays out and hopefully I won't seem like a no nothing fool.
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  • #797
  • Jun 12, 2009 10:43am Jun 12, 2009 10:43am
below 138 and next week we will be bearish.
  • #798
  • Jul 10, 2009 10:35pm Jul 10, 2009 10:35pm
Quoting Bernanke_Sr
below 138 and next week we will be bearish.
Nice Call! (current price 128 ish)

Now let me try. . .next week above 128 and we will be bullish.
  • #799
  • Jul 11, 2009 1:26am Jul 11, 2009 1:26am
Quoting andante9
Nice Call! (current price 128 ish)

Now let me try. . .next week above 128 and we will be bullish.
Holy Moley ! Is it that easy ? Well, heck, let me try something.......

Next month below 150 and my old lady will give me BJs like every other day.

I love forex.
  • #800
  • Jul 11, 2009 2:22pm Jul 11, 2009 2:22pm
Quoting toshi
Holy Moley ! Is it that easy ? Well, heck, let me try something.......

Next month below 150 and my old lady will give me BJs like every other day.

I love forex.
Now why didn't I think of that! Nice Call!
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