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james_gsx

Doji or Evening star?

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Would you consider this a doji or an evening star? Or does it really even matter as long as you read that theres a tug-of-war against resistance confirmed buy a sell off?

 

attachment.php?attachmentid=4665&stc=1&d=1199599028

 

attachment.php?attachmentid=4666&stc=1&d=1199599028

 

Thanks...

dojieveningstar.jpg.7484191281241f5883c50ba2a9974648.jpg

cldojieveningstar.thumb.jpg.5bd4344cf5b76c786c1b2058eb45857e.jpg

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James - for me, it doesn't really matter as it is a matter of how aggressive you want to be. In other words, you could consider a short on the doji-type candle or you can wait for additional confirmation and then get another reason to short. Obviously in hindsight you would want to be short on the doji, but additional confirmation is not a bad thing either.

 

Your chart actually brings up a few possible trade scenarios:

 

attachment.php?attachmentid=4667&stc=1&d=1199638364

 

Here we see:

 

1) Could short on the doji (#1).

2) Could short on the bearish confirmation after the doji (#2).

 

Now, a trade management idea here could be to enter the trade on #1 with a % of available contracts and then add to a winning position based on #2. Just an idea.

 

===================================================

 

attachment.php?attachmentid=4668&stc=1&d=1199638364

 

Taking a look at the daily James and I think we can see some overhead resistance here. Obviously $100.00 even is a MONSTER psychological number. So had you been watching this chart, I'm sure you can see a number of possible shorting opportunities when price approaches the 100.00 level. Sooner or later this level will break, but as of now, I see about 5 trades or so when price hits the 100.00 level.

5aa70e3052d23_tlcl.png.0e2a8116990f90a053c0202cb4ffa63a.png

5aa70e3058011_tlcl2.png.347517587b44de638066c0271c505714.png

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I think the newbie trade right here would be to go long in hopes of it breaking $100. But you are right, with proper analysis of the chart there are several short plays around $100. I think a good risk/reward trade would be to short and have two possible targets, the first at $95 and the second at $90. The stop would be simple, just above $100.

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I would cover here since 95 seems to be a strong support area, then wait to go long at $90 or a close above $100. I know it sounds like I'm leaving a lot on the table by saying I would buy at $90 but with the volatility of oil I'd rather keep my profits and wait for the next setup.

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I would cover here since 95 seems to be a strong support area, then wait to go long at $90 or a close above $100. I know it sounds like I'm leaving a lot on the table by saying I would buy at $90 but with the volatility of oil I'd rather keep my profits and wait for the next setup.

 

So is this being done on a fake, after the fact account or is this what you did in yours? Sorry if that's too pushy, but you are doing well here James and need to make the money that is right there in front of you.

 

It's like waiting for a big hand to play on a high stakes no-limit cash poker table and folding them... You waited for the rockets and let it go b/c you might lose...

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Fake account, not sure if my account can handle the volatility of CL.

 

That's cool.

 

Remember there are other ways to play oil - an ETF perhaps.

 

Key here is doing it with real money. Even just one share for the sake of doing it. I know it doesn't seem like much, but well worth it.

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I will make sure to find the ETF that follows oil and I'll start taking those trades. I used to trade a lot, several hundred trades per quarter. When I switched over to futures I just sort of stopped... But at least I'm doing it again :cool:

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I will make sure to find the ETF that follows oil and I'll start taking those trades. I used to trade a lot, several hundred trades per quarter. When I switched over to futures I just sort of stopped... But at least I'm doing it again :cool:

 

You just have to get back in the game. We've all been there.

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I didn't catch the move (was watching other markets) so this is monday morning quarterbacking on my part but another way to look at brownsfan's triple top would be to use Trader Vic 2B pattern where after a market breaks out to new higher high then fails to follow through go short on close below low of HH bar.

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Trick question right?

 

I believe that what you have there my friend is a Bullish harami star.

 

For a harami star the body of the Doji has to be inside of the body of the leading candle but the shadow does not have to be.

 

My first post here so I hope I haven't disgraced myself and got it wrong!!!

Edited by john.potter
spelling

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Trick question right?

 

I believe that what you have there my friend is a Bullish harami star.

 

For a harami star the body of the Doji has to be inside of the body of the leading candle but the shadow does not have to be.

 

My first post here so I hope I haven't disgraced myself and got it wrong!!!

 

You got it all wrong. It's actually a, "James loves busty blondes with a dose of plastic... star". The next one was, "The Browns suck star."

 

:)

 

Just kidding. The names don't matter. I've realized that there are three (sometimes four) types of candles here. Spinning top, WRB, hammer, and sometimes a doji if it's not labeled a spinning top. Why? Because the name doesn't matter, we just look at the context of the candle in consideration with previous price patterns.

 

But nice first post, I'll be sure to give you a nice fat thank you. Stick around in the candlestick corner and we'll be sure to corrupt you.

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You got it all wrong. It's actually a, "James loves busty blondes with a dose of plastic... star". The next one was, "The Browns suck star."

 

:)

 

Just kidding. The names don't matter. I've realized that there are three (sometimes four) types of candles here. Spinning top, WRB, hammer, and sometimes a doji if it's not labeled a spinning top. Why? Because the name doesn't matter, we just look at the context of the candle in consideration with previous price patterns.

 

But nice first post, I'll be sure to give you a nice fat thank you. Stick around in the candlestick corner and we'll be sure to corrupt you.

 

Actually, I believe that is called the "NHL is a dying sport" pattern. It's one of my favorites as it hardly ever fails since we know the NHL is the biggest joke of a sports league.

 

:did I say that?:

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Steve Nison is a joke. Wait till our book comes out, we'll find him under the bus bench crying. Him and his silly suits.... pfft

 

We'll have a whole chapter on the psychology of candles and their sports related meanings.

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Steve Nison is a joke. Wait till our book comes out, we'll find him under the bus bench crying. Him and his silly suits.... pfft

 

We'll have a whole chapter on the psychology of candles and their sports related meanings.

 

:rofl:

 

sounds good to me. we'll give TL members a discount too. ;)

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:rofl:

 

sounds good to me. we'll give TL members a discount too. ;)

 

And make it extra confusing for the VSA boys to fit in :doh:

 

 

"The NHL is a dying sport candle is only valid if followed by a James likes busty blondes with a bit of plastic if and only if that candle has a wick of 3 ticks to each extreme. If it is less than 3 ticks, that candle is null and void and warrants a short at all times."

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And make it extra confusing for the VSA boys to fit in :doh:

 

 

"The NHL is a dying sport candle is only valid if followed by a James likes busty blondes with a bit of plastic if and only if that candle has a wick of 3 ticks to each extreme. If it is less than 3 ticks, that candle is null and void and warrants a short at all times."

 

Thanks James, that makes sense now. Just to clarify I have yet to see a no demand bar for the 3 busty blondes.

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Thanks James, that makes sense now. Just to clarify I have yet to see a no demand bar for the 3 busty blondes.

 

Did you have all the indicators set correctly? I prefer at least 9 per chart, that way I get better odds of one being the holy grail.

 

I did find the secret to trading though. I plan on selling it in my candlestick book, but instead I will give it out free today for my loyal TL fans.

 

Ready?

 

 

 

 

I give you, the holy grail indicator.

attachment.php?attachmentid=7103&stc=1&d=1213588588

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