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USD/JPY DAILY as of Friday, 29 March, 2013
A Daily black body has formed (because prices closed lower than they opened).
For the past 10 Daily candlestick bars as of 29/03/2013, there are 3 white candles versus 7 black candles with a net of 4 black candles.
For the past 50 Daily candlestick bars as of 29/03/2013, there are 23 white candles versus 27 black candles with a net of 4 black candles.
A Daily hammer formed (a hammer has a long lower shadow and closes near the high). Hammers must appear after a significant decline or when prices are oversold(which appears to be the case with US Dollar / Japanese Yen) to be valid. When this occurs, it usually indicates the formation of a support level and is thus considered a bullish pattern.A Daily hanging man has formed (a hanging man has a very long lower shadow and a small real body). This pattern can be bullish or bearish, depending on the trend. If it occurs during an uptrend it is called a hanging man line and signifies a reversal top. If it occurs during a downtrend(which appears to be the case with US Dollar / Japanese Yen) it is called a bullish hammer.A Daily long lower shadow has formed. This is typically a bullish signal (particularly when it occurs near a low price level, at a support level, or when the security is oversold).A Daily spinning top has formed (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action as defined by the difference between the open and the close. During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.Three Daily black candles has formed during the last three Daily bars. Although these candles were not big enough to create three Daily black crows, the steady downward pattern is bearish.
A Daily black body has formed (because prices closed lower than they opened).
For the past 10 Daily candlestick bars as of 29/03/2013, there are 3 white candles versus 7 black candles with a net of 4 black candles.
For the past 50 Daily candlestick bars as of 29/03/2013, there are 23 white candles versus 27 black candles with a net of 4 black candles.
A Daily hammer formed (a hammer has a long lower shadow and closes near the high). Hammers must appear after a significant decline or when prices are oversold(which appears to be the case with US Dollar / Japanese Yen) to be valid. When this occurs, it usually indicates the formation of a support level and is thus considered a bullish pattern.A Daily hanging man has formed (a hanging man has a very long lower shadow and a small real body). This pattern can be bullish or bearish, depending on the trend. If it occurs during an uptrend it is called a hanging man line and signifies a reversal top. If it occurs during a downtrend(which appears to be the case with US Dollar / Japanese Yen) it is called a bullish hammer.A Daily long lower shadow has formed. This is typically a bullish signal (particularly when it occurs near a low price level, at a support level, or when the security is oversold).A Daily spinning top has formed (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action as defined by the difference between the open and the close. During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.Three Daily black candles has formed during the last three Daily bars. Although these candles were not big enough to create three Daily black crows, the steady downward pattern is bearish.