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Thread: Candle stick pattern signaled the possible movement of the recent NFP news release

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    Candle stick pattern signaled the possible movement of the recent NFP news release

    According to the last NFP Event which took EURUSD down for over 170 pips. Like I love making use of candle stick patterns and also S&R level, I got my signal about it on the daily chart time frame with a bearish Pin bar indicating a possible downward movement.

    Attachment 12711

    The red arrow indicating the Bearish pin bar And the price went down straight to my support line(I got that minor support from the 4 hour time frame)

    And since this signaled a downward in EURUSD. It means AUDUSD, GBPUSD, GOLD and NZDUSD will also go down during the news release while USDJPY, USDCHF and USDCAD will all move up. And they did as expected only USDCAD which is currently under a weekly broken support line now serving as resistance line, therefore that line prevent the news impact on USDCAD.

    Attachment 12712

    In conclusion, such signals happen most times, but then we have to know that nothing is certain in forex market, through experience we will get to know the decision to make, also risk and money management is important, I don't trade the news, I trade the candle stick patterns in support with S&R levels..

    Thanks.

    Hope this helps.

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    Last edited by splash; 06-15-2015 at 11:02 PM. Reason: Adding broken attachments.

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    Registered user Sascha's Avatar
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    Quote Originally Posted by Abhishekwala View Post
    Its a good approach to have faith in our knowledge and use our own strategy, thee are hundreds of strategies and we need not become jack of every strategy. As a matter of fact nothing is totally safe in Forex but still we can make things comfortable by exercising proper control on the risks. I think depending on our trading style we need certain specific skills and for news we need to be good with fundamental analysis.
    i'll make it short and simple. trading is a form of art which make people who do this can get instant satisfaction and sadness by looking at their final result. fortunately, this business is widely open and free to participate so we better not wasting this opportunity by arguing things we haven't learn or test before. when we think that it's not possible to trade with candlestick along with news, then to prove we're wrong or right we can make direct project and see what's happening next.

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    Registered user Lyon's Avatar
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    The use of candle stick is good however still, we need to be realistic that the news is different and then the candle stick is different, so therefore they are not moving in the same way, I will suggest that every trader in the market gets to know what works for them and mostly should avoid making use of news, because most of the time, technical trading is all what it takes to make you a profitable trader.

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    Quote Originally Posted by Sascha View Post
    i'll make it short and simple. trading is a form of art which make people who do this can get instant satisfaction and sadness by looking at their final result. fortunately, this business is widely open and free to participate so we better not wasting this opportunity by arguing things we haven't learn or test before. when we think that it's not possible to trade with candlestick along with news, then to prove we're wrong or right we can make direct project and see what's happening next.
    Trading is surely an art, an art of analyzing the market and managing things such a way that we dont get hurt badly no matter what. We can go ahead by learning the technical analysis but at the same time we should not forget that news are the main price drivers. With experience we should learn to accept reality and be realistic while trading. Feared mind cannot trade well, but to have confidence we need to abide by a well practiced strategy.

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    Registered user Silhouette's Avatar
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    Quote Originally Posted by Abhishekwala View Post
    Trading is surely an art, an art of analyzing the market and managing things such a way that we dont get hurt badly no matter what. We can go ahead by learning the technical analysis but at the same time we should not forget that news are the main price drivers. With experience we should learn to accept reality and be realistic while trading. Feared mind cannot trade well, but to have confidence we need to abide by a well practiced strategy.
    I'd rather talk about the complexity level of how traders analyze market through news because sometimes news gives wrong or late indication for us to take. Many times I failed to enter and trade with market because market was already moved even before it's released the news. Candlestick patterns aren't not really suitable to combine with news for me as well.

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    rules made to be followed, not to be broken

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    The news has no relation with the use of the candlestick pattern, I will just say that we have to be careful on how we trade and don't make such assumption because such assumption could lead the trader to poor trading signals and there as making the trader take the news that should be avoided, I try as much as I can to avoid trading the news.

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    Registered user Sascha's Avatar
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    Quote Originally Posted by Darkhorse View Post
    The news has no relation with the use of the candlestick pattern, I will just say that we have to be careful on how we trade and don't make such assumption because such assumption could lead the trader to poor trading signals and there as making the trader take the news that should be avoided, I try as much as I can to avoid trading the news.
    at first i thought it has few relations between candlestick patterns with news trading. until the times that came to me to realize that it's not helping anything with news. that's why i don't use any candlestick patterns to help me find the idea to trade with news and use my fundamental analysis more. few traders who understand this facts because the others are still trying to combine between technical and fundamental analysis at the same time.

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    Quote Originally Posted by Silhouette View Post
    I'd rather talk about the complexity level of how traders analyze market through news because sometimes news gives wrong or late indication for us to take. Many times I failed to enter and trade with market because market was already moved even before it's released the news. Candlestick patterns aren't not really suitable to combine with news for me as well.
    Yes recently I have seen that the effect of news already gets absorbed in the prices before the news is released and market actually remains calm when the news figures are actually announced. For good technical traders, technical analysis will suffice to meet their goals and of course trading news without the required skills will amount to big speculation. News trading can further go deep to how the fundamental strength of a currency can stand to be effected.

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    The candle stick is a good and strategy trading strategy, one who has learned and understand it will be able to make money. However my suggestion will always be that if we are to make use of the candle stick strategy then we have to stick to it and not apply the news to it, due to that will possibly get one confused and fail.

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    One of the most important things to be done as a trader is to learn and then follow the rules as required. Candlestick patterns are so much effective, but then again, I think we have to be careful and not to think about making use of it with the news, that is one thing I avoid, knowing that it works differently. I have always known that I shouldn't use them together.

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    Quote Originally Posted by sniper007 View Post
    One of the most important things to be done as a trader is to learn and then follow the rules as required. Candlestick patterns are so much effective, but then again, I think we have to be careful and not to think about making use of it with the news, that is one thing I avoid, knowing that it works differently. I have always known that I shouldn't use them together.
    We have to always try to follow things that we have learned and practiced about and the same goes with any kind of news trading. Actually talking about NPF news, it is a big market mover and in this case many times it is seen that all chart patterns and SOR levels are disregarded. During the news time candle sticks can be helpful, but we also need to focus on the fundamental analysis and news figures.

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