This Huge Candle

Hi,

I have seen this candle a few times it stands out from the rest is it a news candle happen today on EUR/USD at 10.30am UK time is this a huge indicator that price will reverse at this level if it pokes a major supply area?

Thanks.

not a huge indicator.. the market is being a fag tho because EZ crisis.. so leave it at that

That candle came from better than expected Spanish bond action results. Not something you will see in the FF calendar.

The fact is was rejected so strongly though gives a good hint on the short term sentiment from the pair.

Why wouldn't it show in the FF calander do you feel its too vague compared to getting real time news feeds?

Also, if these candles appear as no major structure points in the market to you consider them significant or just another random candle in no mans land?

I don't know enough about auction schedules to say if they can be something that are pre planned enough to include in a calendar. In the current EUR climate though these auctions hold some short term importance, so worth keeping an eye on.

In terms of treating it as something random, nothing in the market is random, someone bought it, others rejected the push, it means something. A break of that level of rejection for example would be important, in the meantime it tips things in favour of sideways to bearish movements in my opinion.

That spike came after the announcement (10.30am) of Chinese premier Wen that China was considering greater involvement in ESF & ESM.

This is not true. Spike occurred the moment China hit the wires suggesting potential heavy support for the ESM/EFSF in the future. Angela Merkel had a play date in china today. The rally on the news was met with strong selling. It didn't help that moments after the initial headline Merkel was back on saying the EU would have to do their "homework" before this could be considered.

Well there you go, my news feed got it wrong I guess, either way it still has meaning.