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Daily candle chart

  • #10,221
  • Mar 3, 2010 10:04am Mar 3, 2010 10:04am
Quoting hello1234
i am sorry for that i forgot to write my candlestick analysis

Hi Hello1-4

It's ok.
It's useful to send your chart with currency and TF on screen so it is easy to recon what we talking about.
Thanks for shearing anyway.

Regards

Mac.
  • #10,222
  • Mar 3, 2010 11:15am Mar 3, 2010 11:15am
this is three candle pattern.
see third last candle, how prices were brought to south by bears with full intensity but pulled back to north by bulls by the end of the day.
same thing happened on 2nd last candle but with less intensity.
on todays candle it is clear that bulls have taken over and bears have given up, now probability exists that prices may head north from this pattern
Attached Image (click to enlarge)
Click to Enlarge Name: hello1234.gif Size: 45 KB
  • #10,223
  • Mar 3, 2010 11:52am Mar 3, 2010 11:52am
[quote=hello1234;3517949]this is three candle pattern.
see third last candle, how prices were brought to south by bears with full intensity but pulled back to north by bulls by the end of the day.


Hi Hello1-4

It seems to me promising but let's see how daily bulls can close to confirm it.
Remind the gap down on -2 candle which can cos resistance.
I can see for now first res.ta 1.534x.
What do you think?

Regards

Mac.
  • #10,224
  • Mar 3, 2010 12:47pm Mar 3, 2010 12:47pm
Hi Hello1-4

In my point of view we should wait till end of the week.
There left two days and us you can see on GBPlfx weekly chart, there is forming kind of morning or doji star.

If cable weekly can close above1.534x we con see kind of morning star with long bottom wick.
If below 1.52xx we can have hammer (reversal ) or kind of doji star ( reversal or continuation).
However I can not see bull set up yet or I'm wrong.
Please see my daily and weekly GBPlfx.

Regards

Mac.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPLFX-daily.jpg Size: 181 KB
Click to Enlarge Name: gbpLFX-wekly.jpg Size: 189 KB
  • #10,225
  • Mar 3, 2010 4:31pm Mar 3, 2010 4:31pm
Quoting JhonMonsalve
Daily chart is clear Mac, Hanging Man + Shooting Star + confirmation candle = Bearish mode on.

Attachment

On Weekly I see sort of Tweezers Top + Harami, if we have a weekly candle close above 1.78, next parade is 1.81, otherwise, 1.74 is on the cards.
It looks like 1.74 is around the corner this time, nice work done by candlestick patterns.

Attached Image (click to enlarge)
Click to Enlarge Name: $daily.gif Size: 15 KB


We have a solid close below 1.76 [Bearish sign]
"THE ALL is Mind; the Universe is Mental--held in the mind of THE ALL."
  • #10,226
  • Mar 3, 2010 4:36pm Mar 3, 2010 4:36pm
Quoting JhonMonsalve
Now is when mate check: Bullish hammer on s/r zone

Attachment
I like what I see on this volatile pair: Tweezers bottom + harami, the big problem is the area, many traffic, I check this pair for reference to test the strong of the pound, not to take a trade.

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


Engulfing on daily Gbplfx confirm that:

Attached Image (click to enlarge)
Click to Enlarge Name: gbplfxdaily.gif Size: 14 KB
"THE ALL is Mind; the Universe is Mental--held in the mind of THE ALL."
  • #10,227
  • Mar 3, 2010 4:41pm Mar 3, 2010 4:41pm
Quoting hello1234
this is three candle pattern.
see third last candle, how prices were brought to south by bears with full intensity but pulled back to north by bulls by the end of the day.
same thing happened on 2nd last candle but with less intensity.
on todays candle it is clear that bulls have taken over and bears have given up, now probability exists that prices may head north from this pattern
Hi H!

Nice bullish hammer + long confirmation candle.
"THE ALL is Mind; the Universe is Mental--held in the mind of THE ALL."
  • #10,228
  • Mar 3, 2010 4:46pm Mar 3, 2010 4:46pm
jhon, i went long based on daily.
  • #10,229
  • Mar 3, 2010 4:48pm Mar 3, 2010 4:48pm
Quoting alex1976
jhon, i went long based on daily.
Which pair Alex? Cable?
"THE ALL is Mind; the Universe is Mental--held in the mind of THE ALL."
  • #10,230
  • Mar 3, 2010 4:50pm Mar 3, 2010 4:50pm
Quoting JhonMonsalve
Which pair Alex? Cable?

yes!

I only follow cable.

i have found over the yrs the daily candle chart is best for me to keep things simple.

i have gone long from 5100 for 100 pip limit with same on stop.
  • #10,231
  • Mar 3, 2010 4:58pm Mar 3, 2010 4:58pm
Quoting alex1976
yes!

I only follow cable.

i have found over the yrs the daily candle chart is best for me to keep things simple.

i have gone long from 5100 for 100 pip limit with same on stop.
Nice one, accord to what I read on the charts, cable is going to 1.53 area first, with possible spike up until 1.54, if you see the daily pattern, after bearish movement, next day candle closed with a HL, and yesterday candle was pretty long almost without wick.
"THE ALL is Mind; the Universe is Mental--held in the mind of THE ALL."
  • #10,232
  • Mar 3, 2010 5:05pm Mar 3, 2010 5:05pm
Quoting MacMG
Hi Hello1-4

In my point of view we should wait till end of the week.
There left two days and us you can see on GBPlfx weekly chart, there is forming kind of morning or doji star.

If cable weekly can close above1.534x we con see kind of morning star with long bottom wick.
If below 1.52xx we can have hammer (reversal ) or kind of doji star ( reversal or continuation).
However I can not see bull set up yet or I'm wrong.
Please see my daily and weekly GBPlfx.

Regards

Mac.
I agree,be patient and wait for CLEAR CANDLE PATTERN....1.5200 is a HURDLE...

baz
  • #10,233
  • Mar 3, 2010 5:05pm Mar 3, 2010 5:05pm
Quoting JhonMonsalve
Nice one, accord to what I read on the charts, cable is going to 1.53 area first, with possible spike up until 1.54, if you see the daily pattern, after bearish movement, next day candle closed with a HL, and yesterday candle was pretty long almost without wick.

I have been trying to succeed at trading the cable for approx 3 to 4 yrs and i have only lost cause i have never stuck to a solid system.

But after watchin the market day in and day out like a nutter for 4 yrs, I have realised the daily alone can make success once a strict system is applied.

My failure is not based on my knowldege of the cables movements and patterns, its based on my indiscipline to stick to my system.

So 7500 us in the whole (which is over 4 yrs) is my tuition for learning this beast!

From this day on i will only trade with imminent trend.
  • #10,234
  • Mar 3, 2010 5:14pm Mar 3, 2010 5:14pm
Quoting alex1976
I have been trying to succeed at trading the cable for approx 3 to 4 yrs and i have only lost cause i have never stuck to a solid system.

But after watchin the market day in and day out like a nutter for 4 yrs, I have realised the daily alone can make success once a strict system is applied.

My failure is not based on my knowldege of the cables movements and patterns, its based on my indiscipline to stick to my system.

So 7500 us in the whole (which is over 4 yrs) is my tuition for learning this beast!

From this day on i will only trade...
Accord to your words, long on cable is against your system, because is a CT trade, Cable from Monthly to Daily is Bearish, so, try to minimize your risk on that one. I'm intra day trader, but I trade based on daily charts mainly, all I can say is money management is the king in this business, your R:R has to be min 1:2 per trade, so, when I'm doing CT trading, I only risk between 1-2% of my balance.
"THE ALL is Mind; the Universe is Mental--held in the mind of THE ALL."
  • #10,235
  • Mar 3, 2010 5:17pm Mar 3, 2010 5:17pm
Quoting alex1976
I have been trying to succeed at trading the cable for approx 3 to 4 yrs and i have only lost cause i have never stuck to a solid system.

But after watchin the market day in and day out like a nutter for 4 yrs, I have realised the daily alone can make success once a strict system is applied.

My failure is not based on my knowldege of the cables movements and patterns, its based on my indiscipline to stick to my system.

So 7500 us in the whole (which is over 4 yrs) is my tuition for learning this beast!

From this day on i will only trade with...

Look at 3 different TFs

Monthly,weekly,and trigger chart DAily or 4 hr..
Understand SUPPORT and RESSISTANCE....
See how price reacts at this OBVIOUS LEVELS......
Read CLOCKWORKS thread,J-16 for one particular CANDLE FORMATION...
and dare i say it....READ STRATs thread....but ask question on that thread once you have read the thread completley..
all the best and take care..

ps THIS IS THE BEST THREAD.....but without HUSSIN,it just feels incomplete

baz
  • #10,236
  • Mar 3, 2010 5:17pm Mar 3, 2010 5:17pm
Quoting JhonMonsalve
Accord to your words, long on cable is against your system, because is a CT trade, Cable from Monthly to Daily is Bearish, so, try to minimize your risk on that one. I'm intra day trader, but I trade based on daily charts mainly, all I can say is money management is the king in this business, your R:R has to be min 1:2 per trade, so, when I'm doing CT trading, I only risk between 1-2% of my balance.
John


so if i have 100 on my limit i should only have 50 on my stop?

are you consistently profitable every month?
  • #10,237
  • Mar 3, 2010 5:31pm Mar 3, 2010 5:31pm
Quoting alex1976
John


so if i have 100 on my limit i should only have 50 on my stop?

are you consistently profitable every month?
1. Alex, there are many good literature about MM, but check babypips to learn the basic, if you want some good references about books, send me a PM. I trade based in %, never risk more than 2-5% of my whole balance. Your stop & TP is based on your trading style, I've been trading mainly GJ [more volatile pair], my min stop is 80 pips, max is 120 pips, but I always keep strict MM rules.

2. Yep, I've been trading for almost 3 years, now I'm profitable, like I said before, all is about MM, even if you have the worst system, at the end you'll be profitable.

P.S: Baz advice is great one, I've learned a lot in many threads here in FF
"THE ALL is Mind; the Universe is Mental--held in the mind of THE ALL."
  • #10,238
  • Mar 3, 2010 6:04pm Mar 3, 2010 6:04pm
Quoting JhonMonsalve
1. Alex, there are many good literature about MM, but check babypips to learn the basic, if you want some good references about books, send me a PM. I trade based in %, never risk more than 2-5% of my whole balance. Your stop & TP is based on your trading style, I've been trading mainly GJ [more volatile pair], my min stop is 80 pips, max is 120 pips, but I always keep strict MM rules.

2. Yep, I've been trading for almost 3 years, now I'm profitable, like I said before, all is about MM, even if you have the worst system, at the end you'll be profitable.

P.S:...

thanks for the advice John!

And you too Baz!
  • #10,239
  • Mar 4, 2010 10:31am Mar 4, 2010 10:31am
Quoting baz
I agree,be patient and wait for CLEAR CANDLE PATTERN....1.5200 is a HURDLE...

baz
Hi Baz.

Yes, you are definitely right- patient is a key.
Great thanks for any words of comment.

Regards.

Mac.
  • #10,240
  • Mar 4, 2010 11:09am Mar 4, 2010 11:09am
see bearish engulfing with likely reversals to supports but be carefull, trend is still up
Attached Image (click to enlarge)
Click to Enlarge Name: hello1234.gif Size: 46 KB
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