How good are you at candlesticks? Experts Test your skills here
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Jul 21st, 2007, 01:07 AM
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#1
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How good are you at candlesticks? Experts Test your skills here
Want to see how good you guys are. So I took some screen shots from some scenarios that I found on metatrader. Tell me the direction you think the price will go over the next hour after seeing both the 5 min chart and 15 min chart.
I don't know how to read candlesticks but I want to see if some of you experts can figure out the direction just by looking at the formations......if so, I want to learn how to do it as well.
Scenario 1:
15 min chart
5 min chart
Scenario 2:
15 min chart
5 min chart
Last edited by Morpheus; Jul 21st, 2007 at 01:09 AM.
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Jul 21st, 2007, 01:56 AM
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#2
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Well I have a hard time telling just by candlesticks....I use MACD and RSI and a few others....I doubt many people can tell wich way it's going to head with just candlesticks....let alone those scenarios
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Jul 21st, 2007, 02:26 AM
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#3
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Rank: Junior Analyst
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Scenario 1: Down.
Scenario 2: Very difficult for me... from those charts it looks flat. It's just not something I would trade given the information you've shown us.
__________________
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There is no market. Then you'll see, that it is not the market that bends, it is only yourself.
Last edited by Jonathan; Jul 21st, 2007 at 02:29 AM.
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Jul 21st, 2007, 02:29 AM
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#4
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Answers are here below in white (highlight to see):
Scenario 1: up
Scenario 2: down
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Jul 21st, 2007, 02:31 AM
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#5
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HSM Addict
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Yeah, I guess candlesticks really aren't as accurate as I thought. Hmmm.....I want to improve my skills....as you can see, I trade the 30 second chart so I wanted to improve on my direction reading skills for the next 30 min so I'm wondering how to go about that. I'm getting a couple books......two by Alexander Elder and the "Secrets of economics indicators" one.
I wish I could find a cd-rom training program that would help with technical analysis. I don't like reading so I'd rather learn by doing.
Last edited by Morpheus; Jul 21st, 2007 at 02:38 AM.
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Jul 21st, 2007, 06:44 AM
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#6
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Jul 21st, 2007, 10:41 AM
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#7
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Rank: Stock God
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I find the 15 minute not as good as the 5 minute on those.
Scenario 1 I'd have said up, based on the bullish pressure at the close of the candle.
Scenario 2 was way more difficult because it was a $hitty candle but near solid support. The volume might have given more insight on how bad the selling pressure was on that candle and if support was going to hold.
__________________
Ask yourself..."is price attracting volume or is volume attracting price"
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Jul 21st, 2007, 02:52 PM
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#8
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2nd senario was a clear bounce off resistance.
1st one might have went up because it was oversold but you would need more than just the candlesticks to tell you that.
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Jul 21st, 2007, 06:22 PM
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#9
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how do you know it was a bounce off resistance on the 2nd one ?
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Jul 21st, 2007, 06:28 PM
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#10
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Quote:
Originally Posted by mookie9920
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can I get those at Borders or Barnes and Noble? Do I have to order them? Also, any suggestions on what to get?
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