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My Forex Journal
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candlestick1
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Joined: 27 Jun 2004
Posts: 503
Location: Houston, Texas

PostPosted: Sun Oct 03, 2004 4:53 pm    Post subject: Signals in the forex Reply with quote

If you are referring to the formation the day before the large bearish candle, that is a spinning top, a day of indecision with the upper tradeing level just touching the moving average, not majorly significant in the area of the stochastics other than showing weakness at that moving average
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FrankC



Joined: 23 Sep 2004
Posts: 269
Location: Chile

PostPosted: Sun Oct 03, 2004 5:27 pm    Post subject: candlestick1 Reply with quote

Thanks for the clarification. Your help is always appreciated.
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FrankC



Joined: 23 Sep 2004
Posts: 269
Location: Chile

PostPosted: Mon Oct 04, 2004 8:19 am    Post subject: usd/chf... Reply with quote

Had problem accessing this web site, but now seems it is ok.

Bought 1.2555 SL 1.2525 (target open)

Closed trade @ 1.2610 (+55)

Prices closed above 200ema with a bullish engulfing line, and stoc. showed a good indication of overbought at 200ema. 1.2615 was a resistance, and decided to take the profit, after the prices hit the resistance level.

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Brazilian_Nutter
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PostPosted: Mon Oct 04, 2004 4:42 pm    Post subject: Can I ask you a questiion my friend? Reply with quote

First of all...are you Chilean ?? Good !
I was curious....Why do you only post/trade USD/CHF ? Just curiosity....
Hey....you could post as well a kind of prediction/signal for the day.....kind of strategy....It seems it's working fine for you isn't it?
Anyway...good Journal, mate !
I come here almost everyday to check out Franc's PROFIT...Good man!

Keep it!

Saludos desde Irlanda. Very Happy
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FrankC



Joined: 23 Sep 2004
Posts: 269
Location: Chile

PostPosted: Mon Oct 04, 2004 5:26 pm    Post subject: Brazilian_Nutter Reply with quote

Are you Chilean ??

I am a US citizen, and a permanent resident of Chile.

Why do you only post/trade USD/CHF ?

I am planning to trade eur/usd, and gbp/usd in the near future, but for now just usd/chf. I'll try to post my trades live as much as possible, and if you plan to take my trades, please use a demo account.

You could post as well a kind of prediction/signal for the day.....kind of strategy?

I usually post my strategies(with chart attached), and I point out the area that I am interested to buy/sell. But it all depends what type of candle patterns will form near important sup/res levels. My trading is discretionary, and I don't predict.

Saludos,
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FrankC



Joined: 23 Sep 2004
Posts: 269
Location: Chile

PostPosted: Mon Oct 04, 2004 8:02 pm    Post subject: usd/chf... Reply with quote

Couldn't get any clue from the 30min. chart, so I turned into the 3hr. chart.

Looks like there was an indecision bar after the large bullish engulfing bar early today, followed by a bearish engulfing bar...it seems this pair has hit the top, but it's too early to say. I am looking for another move to 1.2660-80 resistance area...would be interesting to see what kind of bar will form if the prices hit the resistance level...with stoc. if crossing below 70, I could see the 200ema(the blue color MA) at 1.2590-1.2610 as a support area. This support area also happened to be the 50% retracement level of the large bullish engulfing bar.

As long as stoc. is above 80, there is always some juice to drive the prices higher.

There is an option in the Oanda charting system to turn the weekend data off. After doing that, I can see a gap now! The gap area is around 1.2510-30 area. Perhaps this pair is intending to fill the gap Exclamation

Be back at 9pm EST to see the closing of the current 3hr. bar.

21:18 --- the 6-9pm bar now looks like a spinning top...stoc. is still very strong at 88. On the sideline, until early US session.

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candlestick1
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Joined: 27 Jun 2004
Posts: 503
Location: Houston, Texas

PostPosted: Mon Oct 04, 2004 10:45 pm    Post subject: daily charts Reply with quote

The daily charts look like the dollar should have another day or two to the upside, a bullish harami, confirmed
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FrankC



Joined: 23 Sep 2004
Posts: 269
Location: Chile

PostPosted: Mon Oct 04, 2004 11:08 pm    Post subject: daily charts... Reply with quote

Agreed candlestick1. Perhaps a possible retracement to 1.2600 area would be a good buying opportunity.

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Brazilian_Nutter
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PostPosted: Tue Oct 05, 2004 5:10 am    Post subject: Re: Brazilian_Nutter Reply with quote

Hi Franc,

Nice to hear from you....I'm brazilian living in Ireland. Laughing
Chile is a nice place, I know it! I haven't been there yet, but I WILL DO.

Thanks for your reply....Definetely I'm using a Demo account right now...I have a bit of background with FOREX, I have to deal with it in a daily basis at my job. I'm intending to invest real money in 3 months time, I'm already prepare for it, but prefer to wait a little bit more.
The account has been profitable, I'm trading EUR/USD.
It's good you inniative of this journal, Not only you're reassuring what your plans are, but perhaps helping others (like me) to understand a little bit more of Forex trading.
I'm trying to lear Candlestick Analysis, but it's a bit hard at the start...I'm pretty sure I'll get there, cos' it seems a very good way to analyze the market.
Do you trade for many years?
Anyway mate, keep in touch...I'm always around here, moneytec or oanda forums ! Very Happy

Keep it going.

All the Best,

Marcelo.
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FrankC



Joined: 23 Sep 2004
Posts: 269
Location: Chile

PostPosted: Tue Oct 05, 2004 9:11 am    Post subject: Reply with quote

Thanks Marcelo. I've been trading for about 10 years. Last 3 years, only been involve in the Forex market, and before that was trading Soybeans/Bond/S&P Index futures market.

Forums are great places for traders to share knowledge, and learn from each other. Oanda/MoneyTec are among the best forums I've ever seen for 4x traders. This forum, being a new one, I think will join the rank of others soon.

Happy trading,
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FrankC



Joined: 23 Sep 2004
Posts: 269
Location: Chile

PostPosted: Tue Oct 05, 2004 9:15 am    Post subject: usd/chf... Reply with quote

ISM data due at 10am EST...on the sideline.

10:01 --- 56.7 (Forecast 59)

10:25 --- 30min. chart is forming a hammer right on support level 1.2610, and before the hammer, there was a bullish engulfing which closed above 50ema...looks like it is good to buy now. Will wait for the closing of the last 30min. bar.


Last edited by FrankC on Tue Oct 05, 2004 11:47 am; edited 2 times in total
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FrankC



Joined: 23 Sep 2004
Posts: 269
Location: Chile

PostPosted: Tue Oct 05, 2004 11:36 am    Post subject: usd/chf... Reply with quote

Bought 1.2640 SL 1.2610 TP 1.2680

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FrankC



Joined: 23 Sep 2004
Posts: 269
Location: Chile

PostPosted: Tue Oct 05, 2004 12:03 pm    Post subject: Update... Reply with quote

Exited at 1.2632 ( -8 )

Didn't like the following bar after the hammer.
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candlestick1
Site Admin


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

PostPosted: Tue Oct 05, 2004 12:30 pm    Post subject: hammer Reply with quote

The hammer signal, in this condition of the stochastics, is not unusual, there seems to be a period after the initial start of the uptrend is that when the sellers bang the uptrend one last time, then they are sopped up. The stochastics are the key. When the stochastics are heading up strong and this formation appears early in the trend, watch for more upside.
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FrankC



Joined: 23 Sep 2004
Posts: 269
Location: Chile

PostPosted: Tue Oct 05, 2004 1:20 pm    Post subject: Inverted hammer Reply with quote

An inverted hammer in 3hr. resting on 200ema, with the stoc.(66.5) crossed below 70.

1.2610 is a strong support.

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