lukx wrote: dragon33 wrote:
Sounds like a bel is ringing
Ok I have an arse end understanding of forex.
But consider this for a second.
Take of every single indicator on the chart above apart from the semophore one..ok what do you see?
What do those 1 sema candles tell you?
Do you think they are shouting something at you if there are a total of 4 of them with wicks to the upside?
They tell me that price is unwilling to pass that level - 4 rejections in a short time frame.
Now looking at some candle sticks - do you notice the tweezers from the first 1 sema pair where you entered long? Well they inidicate reversal - strongly.
Then the long wick candle between the semaphore candles is is nice looking shooting star which indicates reversal and price is unwilling to go higher...
Now me...I would want to see why price is rejected there by going up in timeframes and seeing what support / resistance is there..and on a Daily chart you can see this form a resistance line on 17 Feb 2010.
So in summary there are about 4-5 good reasons to enter short instead of long.
Now add back your indicators and do they tell you the same thing?They should only confirm what you see!
My two cents...