Candle watch.
Noticed XJO and XAO posted what I consider a fairly rare Harami on friday. I'm calling it a Harami cross even though most charts will show Fridays candles as a red down day. I have always considered that the "open" on the Oz markets should be the price at close of the 10;10am, 1min candle not the close from the previous day. This was debated several years ago somewhere in these pages & I certainly consider the staged opening of the Oz means it is only "open" at 10;10am. Usually not an issue but for example it means that fridays Open price would therefor be 6065.5 only 5 points below the close forming a doji type candle.
A bit "technical" perhaps but potentially quite a bearish signal.
From Steve Nison; Japanese Candlestick Techniques, again;
A harami cross has a doji for the second day of the harami pattern
instead of a small real body. The harami cross, because it contains a
potent doji (more about doji in Chapter 8), is viewed as a major reversal
signal. The harami cross is sometimes referred to as the petrifying pattern.
and ....
The harami displays a disparity about the market's health. After a
bull move, the long white real body's vitality is followed by the small
real body's uncertainty. This shows the bulls' upward drive has weakened.
Thus a trend reversal is possible.
- Forums
- ASX - By Stock
- The Brains Trust-2019
Candle watch. Noticed XJO and XAO posted what I consider a...
-
- There are more pages in this discussion • 2,592 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add XSO (ASX) to my watchlist
(20min delay)
|
|||||
Last
2,972.9 |
Change
4.300(0.14%) |
Mkt cap ! n/a |
Open | High | Low |
2,968.6 | 2,992.7 | 2,968.0 |
Featured News
XSO (ASX) Chart |
The Watchlist
LU7
LITHIUM UNIVERSE LIMITED
Alex Hanly, CEO
Alex Hanly
CEO
SPONSORED BY The Market Online