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25 comments

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  By RamenHero On Wednesday February 8th, 2012 at 08:26PM Like - 0 People

  I can't find the shooting star pattern on babypips. It's probably there I just can't find it :( What is a shooting star?
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  By RamenHero On Wednesday February 8th, 2012 at 08:28PM Like - 0 People

  I'm only asking because I'm thinking about going long in a few hours XD
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  By Brad On Wednesday February 8th, 2012 at 08:38PM Like - 0 People

  A shooting star is a candlestick pattern where the candle has a long upper wick, more than 2 times the size of the candle body. The lower wick is usually shorter than the candle body.
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  By RamenHero On Wednesday February 8th, 2012 at 08:44PM Like - 0 People

  oh okay, cool. thanks :)
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  By Brad On Wednesday February 8th, 2012 at 08:57PM Like - 0 People

  I definitely like the sell better than the buy right now. The sell is a pretty counter trend trade. Seems like this currency is ranging, and it keeps rising just a little and hitting the lower trend line of a previous rising wedge. At least, as I see on H4. The latest shooting star sort of candle on H4 did produce a fair reaction off the top line.
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  By Brad On Wednesday February 8th, 2012 at 09:03PM Like - 1 Person

  Correction, a highly counter trend trade. Do a little analysis on the weekly, and note that this has been in a pretty powerful up trend. Of course, it will reverse or retrace, but the question for that sort of thing is when? After it takes out a few short trades stop losses? I kind of expected it to break down sooner.
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  By RazorX On Wednesday February 8th, 2012 at 09:10PM Like - 0 People

  Yeah it is against the main trend so you'd need really tight management. Last time I saw one of these I took it without waiting for a break of the low and got wasted, so thats why I say if the low breaks it's more likely that we'll see some sort of retrace. Maybe keep your stops tight and targets realistic?
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  By RazorX On Wednesday February 8th, 2012 at 09:15PM Like - 0 People

  And on further reflection that could be considered more of a doji than a shooting star - what do you think? Quite a bit of a lower wick 2 times or more the body width.
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  By RamenHero On Wednesday February 8th, 2012 at 09:16PM Like - 0 People

  I'm still at a point in my noobiness where counter trend trading is pretty scary and i'm staying away from it. I like the strong uptrend so I'm going to hang out and see what the day does to this candle. I might still go long X_X;
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  By Brad On Wednesday February 8th, 2012 at 09:19PM Like - 0 People

  If you look at H1, (again, note it is very counter trend), you can see a classic breakout setup unfolding. If draw a nice clear bottom trend line of the last two supports, you will that it just recently broke that line. After that, it went back up to the line and resisted against it with a shooting star. That is a somewhat pretty thing.
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  By RamenHero On Wednesday February 8th, 2012 at 09:27PM Like - 0 People

  Cool. I see what you're talking about on the H1. I'm not sure what you connected to the get the trendline, but I can see the shooting star rejection you're talking about. Might be fun to try and short this...
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  By Brad On Wednesday February 8th, 2012 at 09:44PM Like - 0 People

  I created a new blog post so you could more understand what I am thinking.
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  By RamenHero On Wednesday February 8th, 2012 at 09:46PM Like - 0 People

  sweeeeet
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  By Brad On Wednesday February 8th, 2012 at 09:52PM Like - 1 Person

  The thing it just did on H1 is pretty freaking scary. Let's see if we can rip apart your .8372 stop loss or below and rub some salt in your wounds. That is some fun stuff.
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  By Brad On Wednesday February 8th, 2012 at 09:52PM Like - 0 People

  I meant you 0.8372 or below stop loss
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  By Brad On Wednesday February 8th, 2012 at 09:56PM Like - 0 People

  Not talking about anyone in particulars stop loss. Just the idea of a general area of stop loss where someone would have just got clipped.
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  By Brad On Wednesday February 8th, 2012 at 10:01PM Like - 0 People

  That's about 28 pips up and 28 pips down all in about 10 minutes. I guess I just never cease to be amazed
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  By Brad On Wednesday February 8th, 2012 at 10:01PM Like - 0 People

  Hope you weren't caught in that avalanche, Razor.
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  By Brad On Wednesday February 8th, 2012 at 10:22PM Like - 0 People

  I missed Razor's comment about the shooting star. I don't think it's a doji. But, it is not really a classic pure shooting star. It has a bit too large of a lower wick. Maybe a sign that there is a considerable amount of volatility there? Definitely seems like the case.
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  By Brad On Wednesday February 8th, 2012 at 10:29PM Like - 0 People

  Another cool thing to notice here, is how the top of this candle just punched right through the nice even .8400. Wonder how many sell trades there were in the world with a .8400 stop loss when it hit it?
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  By Brad On Wednesday February 8th, 2012 at 10:31PM Like - 0 People

  A lot of liquidity was likely added back into the market from all those losing trades. No one on this site of course.
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  By RazorX On Thursday February 9th, 2012 at 02:10AM Like - 0 People

  Hmm got stopped out by that nasty action for - 20 pips on the demo account. After that the price hit the short target lol From the above information I'd say I was forex trading. Hope no one here was trading live?
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  By bundabergbear On Thursday February 9th, 2012 at 03:06AM Like - 0 People

  I think so it will be confirmed after the Euro Interest rate news today
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  By bundabergbear On Thursday February 9th, 2012 at 03:05PM Like - 0 People

  So did you short?
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  By Brad On Thursday February 9th, 2012 at 07:00PM Like - 0 People

  I held that for a practice trade, but I just closed for a little profit. That currency is seriously ranging. You needed a fair stop loss to survive the volatility.