Posts by "montmorency"

For what it's worth:
http://news.bbc.co.uk/1/hi/business/8669488.stm

""We will defend the euro whatever it takes. We have several instruments at our disposal and we will use them," Mr Barroso told a news conference afterwards. "

"Germany's Chancellor, Angela Merkel, said the mechanism would send a "very clear signal" to market speculators to back off. "

There we go; it's breeched 1200.

I managed to capture a lot of today's move in cable. I got out before the bottom, but thought it wise to get out before the election count and the immediate aftermath. It bounced a bit, but seems to be on the way down again, but I'm staying out for now.

[oops - the bottom got cut off the previous post - too long perhaps - I will try to append it here]

However there are probably many more examples of reversals with no pin bar present. In some cases there are other PA patterns that I can recognise, in others nothing special.

So, if you were depending on just pin bars, you would miss many opportunities.

Some of the other patterns in the "James16" canon are:
-Double Bar High Lower Close DBHLC
-Double Bar Low Higher Close DBLHC
-Double Bar High DBH
-Double Bar Low DBL
- Inside Bar (and variants) IB
-Bullish Outside Bar BUOB
-Bearish Outside Bar BEOB
-Doji (can't remember if James has a name for them)
...
and no doubt you could use other patterns in the Japanese candle pattern library, although my eyes soon start to glaze over with those after a while...


Er, Im sure I had other things to say, but they've gone out of my head for now, so I will close, in hoping this has been of some interest, and that it may provoke thought and discussion.


[Ends]

@Chloe: Yes, credit to Ashraf - just about all his predictions on Euro have played out, even if the timing wasn't quite right. And people haven't always allowed for the inevitable retraces (I haven't always myself....that's been a learning curve, and probably will continue to be one). With 20-20 hindsight, a trend-follower who ignored fundamentals could have made money by selling in November 2009 and made an absolute killing. Add in the fundamentals, and it looks as easy as falling off a log. In practice, as we all know, it was never as easy or as obvious as that. This should probably be in the "Trading" thread though.

FWIW, I'd expect some sort of bounce, but I personally will not be putting any money on it. I do counter-trend sometimes, but not here. That's just me though.