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Candle Pattern

ES 15min. @ 8:30 bear harami / 9:15 bear engulf / if we
close above could be a further move up
Thanks blue;
I didn't make clear and I should have. The 906.75 area is where I thought
the market might find a holding area from my prior projections until release of the fomc.
It should read "a key projection area"
With many different types of pivots it is an issue with me to determin where a good PP is. So I look at three areas.
The PP areas shown in this chart are what I see for Monday 8/3/09

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Candle Theory says the mid point of a dominate candle can be an s/r area. The daily candle
of 8/3 (mid point) is 991.75, as always I allow for stops which brought me to 990.25 for today 8/11.
The daily candles of 8/4 - 8/5 are hanging man patterns meaning (bearish) the candle
pattern formed by the two candles of 8/6 - 8/7 form an engulfment (after an up trend
is called a "last engulf") that did not close strong above the hanging man pattern.
On 8/10 another hanging man. To confirm the bearish strength of the hanging man we need
a close below its real body which we got today. This is set to turn down unless some
news event changes the mind of the market
need to break the 985.75 and better yet close below to get a futher move
hi Rex

I put a candlestick question for you in trend and retracement thread

Today 9/17/09 1:45am ET

See the mid point of that 5min. candle act as resistance @ the 67.00 area then
move down to 1062. As I type we are moving back to that area. If we break thru
it should act as a support.
I received an e-mail from AmmoTrader that said they trade 10min. candles. I trade candle patterns not just the bar.

What is the advantage of the 10min. candles

Any input is much appreciated

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I don't trade with MAs ... but recently I started looking at them .. I have set up a quad chart with different time frame of MAs .. Today at 11:30am et. all four MAs came together and in fact price hit them about the same time .. I just got started with this so I'll post what I see from time to time .. looks good so far .. My intent is to use them as a confirming tool not a primary ...
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