FX:AUDCHF   Australian Dollar / Swiss Franc
221 8 3
update: trade not filled/no buy signal

not yet in trade, waiting for bull signal in 1/4h.
Piercing pattern created on previous resistance, close below shadows will invalidate this pattern.
30 min
snapshot
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itaskar itaskar
no signals yet, price went thru
snapshot
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Great you waited for confirmation mate. Good luck
+1 Reply
Technician TOP Technician
We have a similar approach
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itaskar Technician
Hi Technician, are you using for confirmations only 240s(daily trade) or you're looking for reversing patterns in lower time frames as well? // Iam not working long with candles, before I was working mostly with bar charts and median line analisis, but I never knew whats going on when price reached certain line, so I started to study candles which can talk. //
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Mate, It depends on the type of the setup, and how much confluence and conviction i have about it, sometimes i dont wait for confirmation. For example, if the price is retesting a major horizontal support level and a rising trend line and forms a hammer on the daily, then the hammer is my confirmation i go long without any further confirmation.

Now, if the price forms a hammer candle on a minor support, then i might wait for more confirmation through the four-hour chart, where i will look for long-lower shadows candles(hammer,long-legge doji,etc..)

So there is some sort of subjectivity.
+1 Reply
itaskar Technician
alright, understand, cheers pal
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AndreLewis itaskar
I would stay stay short, this is going 50 more pips down.
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