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'Market and Human' Psychology perspectives with tips on how to avoid common mistakes by Pierre Charlebois, Senior Trading Coach at www.TradingPostFinancial.com

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Candle patterns that really matter on the EUR/USD

Posted on November 2, 2009 at 10:28 in Uncategorized by Pierre Charlebois

Candle patterns that really matter

In my trading I love to analyze based on Elliott Wave. However I rarely make a trade unless I also get a candle pattern to fit into my model. In fact, with a strong candle pattern I often take the trade even if I think it doesn’t match my EW count the way I would be most comfortable.

Here are some observations on the 4 hour EUR/USD chart. The most recent tradable candle foretold of the quick rise today where most inexperienced traders might of been looking only for sell opportunities.

I think this is the correction necessary prior to the second force drop. The next move should be a drop but the overall correction may not be over yet.

One Response to “Candle patterns that really matter on the EUR/USD”

on 03 Nov 2009 at 2:19 am1A-SOLTANI

DEAR PIERRE

I also use always EW for analysing market combine with candle and indicators. but I use candle formation only in imp.S/R corr. in o/b,o/s of oscillators for confirming of resuming of last trend and the best entry.
I agreed your view:EUR is in corr. up at least 4845/80(4h upband,fibo 50%,ema55) under shape of triangle or ZZ before next big downmove.

REGARDS

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