Not much interest in gaps, but very familiar with candles (most of which I don't use) - studied under Steve Nison in NY for 4 weeks in 2001. Yes 3 crows..but what is that (well..bearish momentum). I look at
Engulfing Patterns and two bar reversal (2 bar patterns - classic reversal signals,) in addition to Pin Bar: (there are only 3) when blended together, are all pin bars - industry standard terminology (hammer in candle language). At key levels.
Call it what you like, momentum is bearish, and will close as I left it here a week ago, with WEEKLY close under $2 (unlike last week), now the new Resistance.
Clearly the bullish momentum could not be sustained and bears back in control.
Blend (merge) the two weekly candles for GXY you get a bearish Pin Bar, with long Upper shadow, at a Key level (resistance , around $2). So a classic reversal signal at a key level
And NO, I am not a shorter, CommSec doesn't allow it (my broker). And people were giving me Shiite for selling between 2.05 and 2.10 last week. WT .......
So, gonna close below WEEKLY Support (2.00), with a bearish Pin Bar (blend the two weekly candles).
$2 - April Support -now new resistance
GXY - WEEKLY (15 M delay)
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Chart, page-924
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