Hammer on AUDUSD daily chart!

FX:AUDUSD   Australian Dollar/U.S. Dollar
207 2 1
The hammer is a bullish pattern candle if it occurs after a significant down trend. MACD & RSI also show confirmation of an upward turn. Going to take a ride to around 0.92 looking at FIB levels.
3 years ago
Yes, the hammer can be a very powerful candle, BUT, (and there's always a but, it would have been much
more important had it arrived 2 days ago at the bottom of the trend. After a 2 day rally I would be very suspicious
of an immediate rally with any strength,
or at least expect a test of the recent lows first. Perhaps your experience has also shown you this tendency ?
Thanks for your thoughts.
3 years ago
Thank you for your response dojitrader! Well, I don't really have "a lot" of experience, I have only been trading since Sept.. However, I have spent countless hrs. each day, learning, studying, & practicing(through FXCM & others). I am getting better & more confident, but I know I still have a lot to learn & practice. Yes, I agree, however, in the past, I was quick to jump the gun & got burned several times, which has led me to be a bit more cautious(wait a little longer for confirmation), before pulling the trigger, at least until I get "really good"(past the "rookie" stage). I welcome your continued assessment & help is always appreciated!
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