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TimV



Joined: 24 Sep 2004
Posts: 15
Location: USA

PostPosted: Tue Sep 28, 2004 10:41 am    Post subject: Reply with quote

10:15 SOLD EUR 1.2328, SL 1.2358, target PP at 1.2310
engulfing bear candle after rejection at 1.2344

CLOSED 11:21 at 1.2311 +17
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candlestick1
Site Admin


Joined: 27 Jun 2004
Posts: 503
Location: Houston, Texas

PostPosted: Tue Sep 28, 2004 11:00 am    Post subject: good trade Reply with quote

Good trade, let the signals tell you what is happening at critical resistance and support
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FrankC



Joined: 23 Sep 2004
Posts: 269
Location: Chile

PostPosted: Tue Sep 28, 2004 11:34 am    Post subject: Update... Reply with quote

Exited at 1.2609 (+29)

A shooting star hanging on 200EMA should be a good place to exit.
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Guest






PostPosted: Tue Sep 28, 2004 11:56 am    Post subject: Reply with quote

And here is the picture of the above trade:

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TimV



Joined: 24 Sep 2004
Posts: 15
Location: USA

PostPosted: Tue Sep 28, 2004 11:59 am    Post subject: Nice Trade Frank Reply with quote

Good Trade, nice exit
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PostPosted: Tue Sep 28, 2004 12:03 pm    Post subject: Reply with quote

Thanks Tim, and the same with your trade.

I think we have some technical problem with this forum now: my last post was registered as "guest", also the button for editing function has been disappeared!! Perhaps the web admin. could fix it.
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FrankC



Joined: 23 Sep 2004
Posts: 269
Location: Chile

PostPosted: Tue Sep 28, 2004 12:06 pm    Post subject: Reply with quote

Ooops! Sorry, my mistake...I wasn't logged in. For some strange reason I was logged out.
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FrankC



Joined: 23 Sep 2004
Posts: 269
Location: Chile

PostPosted: Tue Sep 28, 2004 12:11 pm    Post subject: usd/chf... Reply with quote

Just sold 1.2596 SL 1.2629 TP 1.2560

A Shooting star, followed by a bearish engulfing line. Also a cross in stoc. is confirming this short trade.

13:55 EST --- Exited at 1.2596 (0)

Didn't like the bullish engulfing bar forming in 30 min. chart.


Last edited by FrankC on Tue Sep 28, 2004 12:59 pm; edited 1 time in total
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TimV



Joined: 24 Sep 2004
Posts: 15
Location: USA

PostPosted: Tue Sep 28, 2004 12:33 pm    Post subject: Question for Frank Reply with quote

Hi Frank,

A couple of times now you have mentioned "engulfing line". Does this mean that you count the tail of the candle when determining if it's engulfing or not. I look at only the body when determing an engulfment.

Tim
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candlestick1
Site Admin


Joined: 27 Jun 2004
Posts: 503
Location: Houston, Texas

PostPosted: Tue Sep 28, 2004 12:52 pm    Post subject: engulfing signal Reply with quote

Engulfing signal just need to engulf the previous body, not the shadows, but if it does engulf the shadows, the stronger the signal
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FrankC



Joined: 23 Sep 2004
Posts: 269
Location: Chile

PostPosted: Tue Sep 28, 2004 1:03 pm    Post subject: Tim Reply with quote

Thanks Stephen for the explanation. As the master pointed out, the engulfing bar is when it covers the last bar's real body.
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FrankC



Joined: 23 Sep 2004
Posts: 269
Location: Chile

PostPosted: Tue Sep 28, 2004 1:46 pm    Post subject: Gaps Reply with quote

Hello Stephen(candlestick1),

In another forum(Oanda), someone asked me about the gaps, and whether it bothers me that there aren't any gaps in Forex. My response was:

Absence of gaps in forex doesn't really bother me. Gaps are extra forces built into other trading instruments such as stock/commodities. In forex, with its massive daily trading volume, gaps are not of necessity. I read books/ideas from Nison, Morris, and Bigalow, just to name a few to learn about candle patterns. Thanks to forex by eliminating the concept of gaps in candlestick trading. It is just made candle trading much easier.

Your comment is greatly appreciated.
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candlestick1
Site Admin


Joined: 27 Jun 2004
Posts: 503
Location: Houston, Texas

PostPosted: Wed Sep 29, 2004 12:05 pm    Post subject: Gaps Reply with quote

gaps will not be a factor in Forex charts unless you are breaking up the time periods, for example terminating chart data while you are sleeping, then you will have breaking in the data. However, there are a number of formations that although can be modified to the point of not being the premium candlestick signal, the jist of the signal will be as effective. An example would be a morning star where the indecision time frame does not need to see a gap away and a gap back, just a indecisive trading day in between the two large candles.
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FrankC



Joined: 23 Sep 2004
Posts: 269
Location: Chile

PostPosted: Wed Sep 29, 2004 12:19 pm    Post subject: Reply with quote

Thanks for your reply. So in a morning star, a doji is sufficient to see between the engulfing candles, instead of a gap up/down. That's good to know.

Cheers.
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FrankC



Joined: 23 Sep 2004
Posts: 269
Location: Chile

PostPosted: Thu Sep 30, 2004 6:25 am    Post subject: usd/chf... Reply with quote

Sideway price action between 1.2580-1.2620...news are out at 8:30 & 10 today...on the sideline.

7:34---a sharp downside breakout has just occured...next support is at 1.2530-50 area...this is the hardest part in candlestick trading:how to trade a tight sideway market, prior to a breakout.

08:00 --- this pair is noise diving!! it's quite interesting to see this sell-off prior to news. On the sideline.

08:55 ---looks like "big boys" made their move prior to the news, and now they are gone leaving the left-over for us!...hope to see some meaningful candle signals, until then will stay out.
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