Quote:
Originally Posted by justy10125
Hey Brad,
I got long this one at 104.50 and 103.50. I've got the stop-loss 25 pips below the wave (C) low, and nearly got stopped out today. But it seems to be turning up for now. The chart below is a five minute showing that the declines so far have been three wave moves, so the trend is up... For now at least.
I attended a webinar a while back hosted by Steve Nison and he was talking about candlesticks as they apply to the FX market. One of the points he made was that since the FX doesn't gap like the equities markets, some of the candle patterns are defined a little differently. He talked specifically about the bullish engulfing. According to his interpretation, the candle that we see on the CAD/JPY is considered a bullish engulfing.
Take that for what it's worth, but I think this currency is pretty bullish where it stands. We've got the bullish engulfing, plus a 'throw-under' from a well defined triangle so hopefully we can get a good rally out of it.
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Good post Justy
I've been scrutinizing that candle in CADJPY all evening... I know it appears as a bullish engulfing candle at a glance... But when I zoom in on it.. The bottom of the candle starts just a tiny bit higher than where it should have.. So I'm kind of waiting to see what tomorrow will bring.. I know the pattern is there, and god knows price rejected that Wave "C" low of the triangle just in time to keep our bullish count active.. But it's this little tiny detail of the candle that's got me wondering... I've got my fingers crossed on this one.. I'm also holding long this pair, 1/3rd position at the moment for safety sake...
Would have been nice if price could have created a 100% iron clad candlestick reversal.. I'm always right in there checking all the little details..
I too have spent much time reviewing Steve Nison's work.. He's a great guy
