Forex Candlestick Test
December 10, 2005 by Trader Rich
I’ll call this a test but I actually consider it more of a learning experience. I’m going to post a snippet of a Daily chart which actually occurred sometime in the past 10 years. You can either post your comments or keep them to yourself. For most of you, this may be simple. Which way does the price go?
Read more to view the candlestick chart.
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Looks like it will continue the downtrend with all the bearish candles.
Looks like it will continue the downtrend with all the bearish candles.
Candles need western indicators to confirm, but looks like the novices are jumping in, as you get further from the moving average. Watch for a reversal candle on a smaller time frame and get ready to go long all the way back to obvious”supply” at the upper dotted line.
Candles need western indicators to confirm, but looks like the novices are jumping in, as you get further from the moving average. Watch for a reversal candle on a smaller time frame and get ready to go long all the way back to obvious”supply” at the upper dotted line.
Undoubtedly a short - question remains whether bear signal has matured or not … it goes without saying that every man, woman and dog will be waiting to spray over this one.
Undoubtedly a short - question remains whether bear signal has matured or not … it goes without saying that every man, woman and dog will be waiting to spray over this one.
3 days previous to the last candle, two converging trendlines formed a bearish pennant … the distance from the top of the pennant up towards the start of the drop projected downwards should provide a fair assessment of the next price level.
3 days previous to the last candle, two converging trendlines formed a bearish pennant … the distance from the top of the pennant up towards the start of the drop projected downwards should provide a fair assessment of the next price level.