Wednesday, July 30, 2008

Candles - Let there be light!

The following candlestick formations seems to have popped up... lets see where they go to in the next 24hours.

EUR/GBP - Pin bar (long nose) followed by next day candle closing down, confirming a downward move.


GBP/USD - Engulfing candle, good for a short this one.


USD/CHF - Engulfing candle, long entry opened on this one, closed the earlier short at -110. Dang! Lets hope the long recovers some of my dignity!


USD/JPY - Long entry opened on the engulfing candle. Lets see if I can gain some pips.


Most of my candlestick trades will last only for 1 day, and profits are mostly booked within that 1 day move. Lets see...

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