Weekly Time Frame with a triangle formation a hanging man ( a reversal signal) has formed at the end of the week 08/16/2013 Friday
Looks Like a sell for next week to the 50 EMA 1.3060 area.
Will the price go all the way to the bottom of the triangle to 1.2900 area ? Just have to watch the price action to see.
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Right shoulder reached to head! I see very few forecast working in this month! I am really in loss this month! It fell when I enter into the market even with the trend, it just moves in the opportunity also ignoring expert forecasts and expectations! Horrible time!
You got to burn like a fire to learn....a hanging man candle is a sign that buyers will buy not knowing that a sell sign has appeared buyers will try to keep buying that is why there is a hang man candle on last weeks chart on the 1 week TF...now price is in the overbought area. Price should go down...will just have to keep watch until its the right time to place a order.
Some like banging there heads in overbought areas ...i don't like messing with overbought areas unless i am trying to get my cow out of the mud etc. then its like a fire to trade in overbought areas and i am going to make money and go to higher ground...i don't like mud holes either Ha Ha.
To Charttrader and others A hanging man is a candle signal for a reversal to sell ..here is a video on a hanging man and why these appear for a sell signal http://www.informedtrades.com/4696-hammer-hanging-man-candelstick-patterns-how-trade.html