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Forex patterns?

 
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What do you predominately apply candlestick trading to?
Stocks
8%
 8%  [ 1 ]
Forex
66%
 66%  [ 8 ]
Commodities
0%
 0%  [ 0 ]
Futures
16%
 16%  [ 2 ]
Other
8%
 8%  [ 1 ]
Total Votes : 12

Author Message
johnny



Joined: 25 Sep 2004
Posts: 1
Location: Atlanta, GA

PostPosted: Sat Sep 25, 2004 7:29 am    Post subject: Forex patterns? Reply with quote

Hi, I also came from the Oanda forum... I'm flirting with wanting to learn candlesignals to be able to apply them to forex.

In looking at Stephens poster of major candlestick signals, it becomes apparent that at least several of these will never be seen in the forex charts since there is extremely little to almost no gappage due to 24 hr trading.

For instance, it looks to me like we will never see the following major signals in the forex for this reason: bullish/bearish engulfing, bullish/bearish harami, bullish/bearish kicker, and only modified versions (no gap) of the evening/morning star, dark cloud cover and piercing patterns... That leaves only the doji, hammers, inverted hammers, hanging man, and shooting star as signals to look for from this chart...

1) Am I not understanding this correctly? If someone were to put together a chart of major candlestick signals for FOREX, what would it look like and what signals would it contain?

2) I notice that slow stochastic is the major indicator used at this site as a technical aid for overbought/oversold conditions. I have found RSI to be particularly effective for showing overbought/oversold conditions and wondered if someone could comment on why slow stochastics might be a better indicator to use

Thanks,

Johnny
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candlestick1
Site Admin


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

PostPosted: Mon Sep 27, 2004 8:57 am    Post subject: forex Reply with quote

The other signals may be put into effect if you use specific time periods of the trading, for example, setting up the charts to stop at a particular time when Forex trading is at its low volume period during the day and starting the next chart when volume resumes. That will provide some gaps in the charts.

I will have some candlestick procedures that can be applied to Forex trading in the near future. Have some other projects that need to be completed first.
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FrankC



Joined: 23 Sep 2004
Posts: 269
Location: Chile

PostPosted: Fri Oct 01, 2004 12:18 pm    Post subject: Forex lives... Reply with quote

Hi Johnny,

So far Forex has the highest voting...bet you is going even higher Wink
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