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.
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Candle watch. Noticed XJO and XAO posted what I consider a...
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