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Trading Made Simple for Day Charts

  • #1,601
  • Jul 20, 2013 12:35pm Jul 20, 2013 12:35pm
EJ may have reached a Resistance level as it ended Friday with a Hanging Man candlestick pattern which is often a short term reversal heads up, so one to watch for next week.
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpydaily 7-20-2013.png Size: 58 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,602
  • Jul 20, 2013 2:58pm Jul 20, 2013 2:58pm
For any of you wondering about candlestick reversal patterns, these were posted from Post # 1, however, a google search for images can be very productive

"images candlestick patterns" is your key phrase and the add on with "reversal" or "hammer" or "hanging man" and the list goes on

https://www.google.com/search?q=imag...w=1600&bih=775
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Click to Enlarge Name: images candlestick patterns.gif Size: 59 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,603
  • Jul 21, 2013 1:52am Jul 21, 2013 1:52am
hi Britpip,

GBPJPY is showing a hammer sort of candle close on friday - after a strong move up for a few days prior -
i cant find anywhere - what (if this is a hammer) it means in the position its in.

can you shed any light on this for me ?

nelly
  • #1,604
  • Jul 21, 2013 1:58am Jul 21, 2013 1:58am
ah - i have found something like - but the hanging man on the GJ is green still not red as in this -
mmmmmmmmmm
Attached Image
  • #1,605
  • Jul 21, 2013 7:57am Jul 21, 2013 7:57am
Quoting Nellycopter
ah - i have found something like - but the hanging man on the GJ is green still not red as in this - mmmmmmmmmm {image}
From onlinetradingconcepts.com

The Hanging Man candlestick formation, as one could predict from the name, is a bearish sign. This pattern occurs mainly at the top of uptrends and is a warning of a potential reversal downward. It is important to emphasize that the Hanging Man pattern is a warning of potential price change, not a signal, in and of itself, to go short.
http://www.onlinetradingconcepts.com...gingManPic.gif
The Hanging Man formation, just like theHammer, is created when the open, high, and close are roughly the same price. Also, there is a long lower shadow, which should be at least twice the length of the real body.
When the high and the open are the same, a bearish Hanging Man candlestick is formed and it is considered a stronger bearish sign than when the high and close are the same, forming a bullish Hanging Man (the bullish Hanging Man is still bearish, just less so because the day closed with gains).
After a long uptrend, the formation of a Hanging Man is bearish because prices hesitated by dropping significantly during the day. Granted, buyers came back into the stock, future, or currency and pushed price back near the open, but the fact that prices were able to fall significantly shows that bears are testing the resolve of the bulls. What happens on the next day after the Hanging Man pattern is what gives traders an idea as to whether or not prices will go higher or lower.
"To live with Passion, it takes Courage and Grace to survive"
  • #1,606
  • Jul 21, 2013 8:17am Jul 21, 2013 8:17am
CAD/JPY may have a more traditional reversal signal on the day chart, but again, these are a heads up to watch PA over the next couple of candles.

The trend lines come from the weekly chart.

PA on day charts is not at any particular weekly or daily s/r level, so this may well be a minor pullback followed by a continuation.
Attached Image (click to enlarge)
Click to Enlarge Name: cadjpydaily 7-21-2013.png Size: 72 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,607
  • Jul 21, 2013 8:18am Jul 21, 2013 8:18am
Cheers,
so no matter what colour, it means the same ?
potential for reversal ?

nelly
  • #1,608
  • Jul 21, 2013 9:35am Jul 21, 2013 9:35am
Quoting Nellycopter
Cheers, so no matter what colour, it means the same ? potential for reversal ? nelly
Odds are better if it is the same colour as the reversal position, so if it is a bear colour after a bull run, then better.

The main issue is once you start to large wicks on a candle, then price momentum is trying to change
"To live with Passion, it takes Courage and Grace to survive"
  • #1,609
  • Jul 21, 2013 9:41am Jul 21, 2013 9:41am
Quoting Britpip7
.............The trend lines come from the weekly chart. PA on day charts is not at any particular weekly or daily s/r level, so this may well be a minor pullback followed by a continuation. {image}
Hi guys, Color me crazy, but my take on the Yen pair's Weekly HA candle structures and trends suggests that the Yen pairs, after consolidating for several weeks, look to be resuming their rise. I am looking to be a buyer on Pull backs particularly UJ and NJ.

Best, AG
Do not dwell in the past, do not dream of the future, concentrate the mind.
  • #1,610
  • Jul 21, 2013 9:58am Jul 21, 2013 9:58am
Quoting AlbinaGrande
{quote} Hi guys, Color me crazy, but my take on the Yen pair's Weekly HA candle structures and trends suggests that the Yen pairs, after consolidating for several weeks, look to be resuming their rise. I am looking to be a buyer on Pull backs particularly UJ and NJ. Best, AG
Some interesting TDI patterns going on with the RSI Price Line breaking the top band lines, which usually indicates that price is breaking out and traditionally is a buy signal, so watch for this to continue.

Watch for price pullback as this reaches 68, although if a trend establishes, most oscillator type indicators will head into oversold areas and then you are down to PA as you main guide.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpydaily 7-21-2013.png Size: 65 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,611
  • Jul 21, 2013 10:14am Jul 21, 2013 10:14am
Quoting Britpip7
{quote} ............. Watch for price pullback as this reaches 68, although if a trend establishes, most oscillator type indicators will head into oversold areas and then you are down to PA as you main guide. {image}
When this occurs and it will, what do you think about dropping down to a lower TF to pick up a better oscillator pattern, but being more choosy about which one to take? I typically do not drop below H4. AG
Do not dwell in the past, do not dream of the future, concentrate the mind.
  • #1,612
  • Jul 21, 2013 10:21am Jul 21, 2013 10:21am
Quoting AlbinaGrande
{quote} When this occurs and it will, what do you think about dropping down to a lower TF to pick up a better oscillator pattern, but being more choosy about which one to take? I typically do not drop below H4. AG
On GB/JPY this is what you will see with the TDI Trade Signal Line slowly turning over whilst above 68.

PA has broken a previous high and is looking to break the last Fractal High which would not be a bad entry, however, PA is entering a 130pips zone that it needs to break to continue this run higher
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpjpyh4 7-21-2013.png Size: 62 KB
Click to Enlarge Name: gbpjpyh4 7-21-2013.2.png Size: 77 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,613
  • Jul 21, 2013 12:06pm Jul 21, 2013 12:06pm
Britpip,

do you get a sunday candle ?

nelly
  • #1,614
  • Jul 21, 2013 12:41pm Jul 21, 2013 12:41pm
Quoting Nellycopter
Britpip, do you get a sunday candle ? nelly
Yes - but I tend to look at it as a continuation of Friday.

Usually there is a gap which will fill most times, so if you are trading on the Sunday, watch for PA following the gap.
"To live with Passion, it takes Courage and Grace to survive"
  • #1,615
  • Jul 21, 2013 1:22pm Jul 21, 2013 1:22pm
Some observations on the recent NZD/USD price action and bounce from a Demand Zone
Attached Image (click to enlarge)
Click to Enlarge Name: nzdusddaily demand zone.png Size: 69 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,616
  • Jul 21, 2013 6:19pm Jul 21, 2013 6:19pm
CAD/JPY looks to be setting up a Demand Zone with 9700 being a key level of Resistance for the 3rd time in the past few months
Attached Image (click to enlarge)
Click to Enlarge Name: cadjpydaily 9700.png Size: 64 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,617
  • Jul 23, 2013 12:20pm Jul 23, 2013 12:20pm
Lots of smaller moves this week, so drop down to h4 and look for entries and base your take profit levels off of the h4 ATR7 - very little showing at the moment on the day charts.
"To live with Passion, it takes Courage and Grace to survive"
  • #1,618
  • Jul 23, 2013 9:12pm Jul 23, 2013 9:12pm
What are the odds for this to continue its slow move long?

RSI>51
TDI Trade Signal continues up
7EMA above 21EMA
Price still above 7EMA
Previous candle reverse by 3/4 of earlier candle

9700 still looks like a key price to be broken to keep the long drive going - possible entry if close above.
Attached Image (click to enlarge)
Click to Enlarge Name: cadjpydaily 7-23-2013.png Size: 60 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #1,619
  • Jul 24, 2013 4:58am Jul 24, 2013 4:58am
Britpip, Although probably not broker related, I had been using your template (from post 1) up until recently on an oanda account, but have just started using it on an alpari account, for some reason the supply demand indicator is placing the zones half way across the screen now. I cant get them to syc with price on the right edge of the screen. Any ideas??
Thanks in advance
Ross
  • #1,620
  • Jul 24, 2013 2:10pm Jul 24, 2013 2:10pm
Quoting Britpip7
What are the odds for this to continue its slow move long? RSI>51 TDI Trade Signal continues up 7EMA above 21EMA Price still above 7EMA Previous candle reverse by 3/4 of earlier candle 9700 still looks like a key price to be broken to keep the long drive going - possible entry if close above. {image}

Hard call. The current high is also floating around a 61.8 Fib pullback. A pending above the current high with a stop beneath the previous low would still be about 190 pips on at ATR of under 100

There looks to be a pivot point at this level back in April. Looking at a weekly chart there's two large dojis in opposite directions, one after another.
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