How good are you at candlesticks? Experts Test your skills here

Morpheus · Jul 21st, 2007, 02:07 AM

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

mookie9920 · Jul 21st, 2007, 02:56 AM

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

Jonathan · Jul 21st, 2007, 03:26 AM

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.

Morpheus · Jul 21st, 2007, 03:29 AM

Answers are here below in white (highlight to see):

Scenario 1: up

Scenario 2: down

Morpheus · Jul 21st, 2007, 03:31 AM

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.

mookie9920 · Jul 21st, 2007, 07:44 AM

http://www.amazon.com/s/ref=sr_nr_i_...ysis%2Ci%3Advd

http://www.amazon.com/s/ref=nb_ss_d/...keywords=forex

MC · Jul 21st, 2007, 11:41 AM

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.

Crazed98 · Jul 21st, 2007, 03:52 PM

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.