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Daily candle chart

  • #11,921
  • Edited 8:13am Jun 26, 2011 8:09am | Edited 8:13am
Quoting Ifebaba94
Hello Peaches,hello all,
Thank you for your input on this thread.I am actually calling your attention cos it seems Hussin has chosen not to respond to my posts and questions for best reasons know to him http://www.forexfactory.com/images/icons/icon9.gif.I hope you will not mind my questions no matter how newbies they may look or stupid they may sound.I do hope you will be magnanimous enough to a brother,friend and help in understanding this business better.Urgent response pls.


Sincerely,

ADESHINA.
Hello ifebaba94,

greetings to Lagos, which I have searched and located on a big world map.

As others sayed, hussin sometimes is not able to access internet. Leaders of his country discussed about to forbid forex for private people too.

I try to answer your question, and maybe Hussin might go deeper in detail.

Your first question was, how to differ a good candlestick from a defective one. Thats a pretty good question, because you might see a defective only later, after price has moved forward and your stop loss (if you have one) is hit.

I like to suggest you a book "Encyclopedia of Candlestick Charts", where over the years Mr. Thomas Bulkowski has statisticaly analyzd millions of candlestick pattern. The result is pretty disappointing. For a bearish engulfing candle it got a over all performance ranking 91 out of 103.

So from my experiance a good candlestick has a lenght. If it has a body, it is pretty large. It must jump out of your computerscreen and say: Look at me, compared to my other brothers and systers, I AM BIG.

In the usd/lfx we have seen this daily large candle.

In the eur/usd weekly I marked some bearish engulfing. The light red one have a healthy good big body, they have been succesfull.

But I also marked 2 candles in light green. They have a long body, but have been not successfull. So why ? They appeared at a price level, where in the past price has turned. So there is a good chance, the at the light blue area a bearish engulfing will not be successfull.

To make a long story short:

1. Look at the lenght of the candle, compared with the previous ones, it has to be BIG.

2. Look where it appears. How has price behaved in the past at this level ?

greetings

Peter
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  • #11,922
  • Jun 26, 2011 9:24am Jun 26, 2011 9:24am
Hello BONE,BAZ and PEACHES.
Thank you all for your kind hearts.I agreed with you all and really appreciate it.Peaches,LAGOS is moving.
Q)Like Hussin has pointed out on EUEGBP,we are having two different trading signals on both weekly and daily tf.I know the weekly hindsight is to be followed but it is approaching 0.90000 a major resistance.How will you take this trade.

Sincerely.
ADESHINA.
  • #11,923
  • Edited 12:21pm Jun 26, 2011 11:55am | Edited 12:21pm
If I got different signals on different timeframes I simply would not trade.

Price is on the monthly on a flip-flop-zone, big support and resistance.

I would wait, if gbp/lfx turns bullish, but this might takes a few days or weeks.

edit: look at the 4 h chart, IF price drops below the blue zone, and comes back to test it.
It might test more then one time. Thats the point for a trading decision (short).
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  • #11,924
  • Jun 26, 2011 1:10pm Jun 26, 2011 1:10pm
Quoting Bones
I think with a bullish $ we would have a bullish yen ,50 is key just like falling Tl on the $ weekly ,depends on open but looks set to close through that tl ,also gold has broke its rising tl ,
I think it is not time for the swiss franc and the yen to turn.

Might be wild movements if 4 h trendline breaks. 50 is already broken and might be tested again.

Notice monthly hanging man last month.
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  • #11,925
  • Jun 26, 2011 1:15pm Jun 26, 2011 1:15pm
Quoting peaches
If I got different signals on different timeframes I simply would not trade.

Price is on the monthly on a flip-flop-zone, big support and resistance.

I would wait, if gbp/lfx turns bullish, but this might takes a few days or weeks.

edit: look at the 4 h chart, IF price drops below the blue zone, and comes back to test it.
It might test more then one time. Thats the point for a trading decision (short).
textbook example for R turned S and vice versa

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Hero calls followed by margin calls...
  • #11,926
  • Jun 26, 2011 1:17pm Jun 26, 2011 1:17pm
Quoting Bones
The eur is supported but im looking for a close under or at 2.2600 ,my only concern is that lower wick last month ,daily right now at a strong support ,

tony, on the weekly I have 2.27 support, but first a drop below this 4 h trendline, then big bounce from 2.27.
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  • #11,927
  • Jun 26, 2011 1:36pm Jun 26, 2011 1:36pm
Quoting Bones
I am looking for the inverted hammer ,tweezer, to confirm ,my advise is to be a buyer of usd
by confirm ,I think nice white body ,little upper wick or none, ,I suppose 1.6150 would do ,but wick cover would be very bullish
on my daily chart 1.6160 is resistance, above the sky is the limit.

usd/cad might do big jumps. look at the cad/lfx weekly and daily
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  • #11,928
  • Jun 26, 2011 2:00pm Jun 26, 2011 2:00pm
Hi Peter do you see where eur chf is


Quoting Bones
I see some positive candles around 1.2 but strong trend intact , possibly pull back to break out at around 1.24 ,but I don't think candles actually show it yet ,
which could take you back to the eur lfx weekly ,if the weekly indecision candle is bullish that retrace could happen ,

also as Peter points out chf is showing weakness,

but I ask myself is that weekly enough to do that considering the move


Quoting Bones
but 1.18 to 1.27 or 1.24 that would be a great trade if we go there in the next month ,
bottom of channel to top
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #11,929
  • Jun 26, 2011 2:15pm Jun 26, 2011 2:15pm
Hi Peter I am bullish usd cad ,taken a while to show its colors

http://www.forexfactory.com/showthre...60#post4653660
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #11,930
  • Jun 26, 2011 2:43pm Jun 26, 2011 2:43pm
Dont get me wrong I am bearish eur ,the support will be taken imo
,watch daily for bearish signs chf
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #11,931
  • Jun 26, 2011 3:23pm Jun 26, 2011 3:23pm
Quoting Bones
Hi Peter do you see where eur chf is
yes. patience is the key now, I have some levels to watch for a daily pattern.

But the most interisting part for eur/chf is a longterm projection. There is lots of money to be made selling the tops, if this comes true.
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  • #11,932
  • Jun 26, 2011 3:54pm Jun 26, 2011 3:54pm
I totally agreed with you Peaches.Thanks.http://www.forexfactory.com/images/icons/icon14.gif
  • #11,933
  • Jun 27, 2011 3:41am Jun 27, 2011 3:41am
Quoting Bones
Dont get me wrong I am bearish eur ,the support will be taken imo
,watch daily for bearish signs chf

the franc is turning. we have a bearish dark cloud cover on the 4 h chart.

edit: usd/chf long might be an idea
  • #11,934
  • Jun 27, 2011 6:45am Jun 27, 2011 6:45am
Hi dear traders! H4 $ lfx charts showing pb, so, it's not a good idea going long on the $ today, at least, until 1.615 area get properly cleared.

Look at this pattern on H4: Hang Man/E. Star + confirmation black candle, let's see what PA does around 1.61, close below --> we're going to test the ascending TL, if it's rejected --> 1.625 on the cards.

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Btw, I'm long on EU, reason: Tony's post about 2.2775 area rejected once & again, so, nice S/R area on €, I did catch that trade early.

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Have a great trading week you all!

Jhon
"THE ALL is Mind; the Universe is Mental--held in the mind of THE ALL."
  • #11,935
  • Jun 27, 2011 6:48am Jun 27, 2011 6:48am
Yes Jhon I am waiting not the right time ,but ,my advise is dont be long for end of month ,
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #11,936
  • Jun 27, 2011 6:51am Jun 27, 2011 6:51am
Quoting JhonMonsalve
Hi dear traders! H4 $ lfx charts showing pb, so, it's not a good idea going long on the $ today, at least, until 1.615 area get properly cleared.

Look at this pattern on H4: Hang Man/E. Star + confirmation black candle, let's see what PA does around 1.61, close below --> we're going to test the ascending TL, if it's rejected --> 1.625 on the cards.

Attachment

Btw, I'm long on EU, reason: Tony's post about 2.2775 area rejected once & again, so, nice S/R area on €, I did catch that trade early.

Attachment

Have a great...
Almost I forgot, I'm going to hold my positions on EU, until H1 charts or higher shows me some bearish scenario, here's my h4 chart from EU -showing us a morning star pattern + long bullish candle [confirmation candle], besides, I know this is candlestick thread, but, note the classic bullish divergence in my RSX indi.

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"THE ALL is Mind; the Universe is Mental--held in the mind of THE ALL."
  • #11,937
  • Jun 27, 2011 6:51am Jun 27, 2011 6:51am
I am also looking at the swissy long Peter ,currently chf testing highs ,bearish engulfing/wick would be nice on chf

Quoting peaches
the franc is turning. we have a bearish dark cloud cover on the 4 h chart.

edit: usd/chf long might be an idea
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #11,938
  • Jun 27, 2011 6:53am Jun 27, 2011 6:53am
Eur usd is pulling back only Jhon ,thats my feeling ,1.4300-400 max ,its where im looking

Quoting JhonMonsalve
Almost I forgot, I'm going to hold my positions on EU, until H1 charts or higher shows me some bearish scenario, here's my h4 chart from EU -showing us a morning star pattern + long bullish candle [confirmation candle], besides, I know this is candlestick thread, but, note the classic bullish divergence in my RSX indi.

Attachment
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #11,939
  • Jun 27, 2011 6:54am Jun 27, 2011 6:54am
Quoting Bones
Yes Jhon I am waiting not the right time ,but ,my advise is dont be long for end of month ,
Tony amigo , no worries, I'm lock in profit already, sure, monthly candle looks bullish so far, but, a close above previous high candle [1.6275] is the real deal.
"THE ALL is Mind; the Universe is Mental--held in the mind of THE ALL."
  • #11,940
  • Jun 27, 2011 6:56am Jun 27, 2011 6:56am
i still make it quite bullish guys..approaching end of month i think..usd monthly will make a run up to higher wick trying to close like a morning star type formation..

on the 4hr its resting on support
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