Get started

Candlestick analysis

SPX: Another RECORD HIGH! But, what if it starts dropping?Hello traders and investors! Let’s see how the SPX is doing today! The index is going up nicely, but the candlestick in the daily chart looks enigmatic, as it is almost a Doji. The long shadow above the daily candlestick is annoying for sure, and kind of ruins the bullish momentum. Since October 13, it seems the index deserves a pullback to the 21 ema again, at least, but we don’t see any meaningful weakness sign. Even if it closes doing a Doji, a Shooting Star, or a possible Spinning Top candlestick pattern, we be aware of the fact that the trend is clearly bullish in the 1h chart too: As long as we don’t see any bearish confirmation here, and a sequence of lower highs/lows, the index won’t reverse in the daily chart. The 21 ema is pointing up, and it is working as a nice support as well. This makes me wonder if a bearish candlestick pattern in the daily would be another bear trap – just a pullback to the 21 ema in the 1h chart. That’s why I prefer to use the 1h chart as a main guide for now. If it drops, ok, we have many support levels to work with, and probably the 21 ema in the daily chart will be our best indicator for now. As some of you have been pointing out, a pullback would be great, and many other stocks would probably give us buy signs. Now I think it is the time to just hold some positions, instead of buying like crazy, and wait for more signs on the index. If you liked this analysis, remember to follow me to keep in touch with my daily updates on stocks and indices. What’s more, support this idea if you liked it! Have a good day.
SP:SPX
by Nathan_The_Finance_Hydra
9
USDJPY-Weekly Market Analysis-Oct21,Wk5If you have been trading for some time, you would have known that USDJPY seldom has a significant retracement when it is in a trending state. So, it is a worrying sign for trend traders to see this. But if you are a faithful Harmonic Pattern Trader, you will be overjoyed to see a Bullish Crab and Bullish Shark converge at the same level on the 1-hourly chart. If you have been trading Harmonic Patterns for some time, you should be aware that Crab Pattern and Shark Pattern do consolidate a bit before the actual move and at times they offer a lower entry price. If you aren't aware of that, look for a mentor to help you with this.
Long
by RaynLim
GBPUSD-Weekly Market Analysis-Oct21,Wk5On the daily chart, GBPUSD has a Bearish Channel, that's great news for trend traders and trend following traders. For Counter-Trend traders, the 1-hourly chart has a pretty good setup for a buying opportunity. If you have seen my video analysis, you would have known that I prefer to apply my sideway bounce trading strategy on GBPUSD over EURUSD and 1 of the many reasons is that it has a less trending nature than EURUSD. Buying Opportunity at 1.3742 and Selling Opportunity at 1.3832.
Long
by RaynLim
EURUSD-Weekly Market Analysis-Oct21,Wk5On the daily chart, EURUSD has broken and closed below the support. However, the 1-hourly chart, it presents a different view. There are 2 potential development over here 1) A sideway bounce setup that gives selling opportunity on the red line and buying opportunity on the blue line 43pips opportunity on the 1-hourly chart is not too bad. 2) If the candle breaks and closes above 1.1666, then a Bullish Flag Pattern would complete. However, it is a rather weak Flag Pattern caused by the retracement move on the 1st move. What intrigue me is the completion of the assumed Flag Pattern ends before the Key Resistance Level at 1.1683. Let's see how this trade pans out.
Long
by RaynLim
Smart Money Analysis: Double Top with Major Hurdle $US30 is approaching a major hurdle with Double Top formation in place. If this hurdle is crossed and if $US30 manages to close above 35650 levels for consecutive 2 Days, then Sky would be the limit for $DowJones and $US30. Then DowJones would enter into a new orbit and will form its own new support and resistance levels above the current levels. Untill it closes above 35650 level, be careful with your Long trades, be properly hedged and look for early short signal to enter into short trades. For Education purpose only. All disclaimers apply
UShort
by Gann-Elliott-Trader
9
What Does the Inverted Hammer Candlestick Pattern Mean? Hello Traders! Have you ever wondered when will a strong trend end? Do you struggle to spot candlestick patterns that potentially signal when the bulls or bears might take over? Take a look at this example of EUR/CAD and let's see how the trade plays out! :) About the Inverted Hammer Candlestick Pattern and Why It Forms: The Inverted Hammer is a bullish reversal candlestick pattern. It occurs when the price has been falling and suggests the possibility of a reversal. Its long upper shadow shows that buyers tried to bid the price higher. However, sellers attempted to push the price back down. Since the sellers weren't able to close the price any lower, this is a good indication that everybody who wants to sell has already sold. And, if there are no more sellers, who are left? Buyers! And just an important observation, the Inverted Hammer has a small real body, and has a large upper shadow with a small or no lower shadow (also known as "wick"). Would you like to receive more "live charting" tutorials like this?? Comment below and let us know! :) Happy Trading!
Education
by BKTradingAcademy
2
EURAUD - Exchange RateIf you are looking to change AUD to EUR or you prefer a lower EUR against Australia, today is a better day to do it. My friend's client was looking to do this exchange. At this moment the exchange rate of EURAUD is at 1.5731. This means you only need 1.5731AUD to exchange for 1 EUR rather than 1.6376AUD to exchange for 1 AUD. It is a saving of 3.93%. This may not look like a lot to most of us. But a transaction of 1million AUD, the saving will be 39,386AUD and all you need to do is to wait, in this case, 53days. You don't even need to perform any hedging.
Long
by RaynLim
2