On my charts, I use EMA 3 and EMA 15 for cross-overs, and also keep a SAR (standard 0.02, 0.2). On the bottom, I keep a MACD (3,15,1) and only use it for crossing of the 0 line; and, a Momentum (15) also for crossing of the 0 line. If all or most of my indicators are in agreement, then I go in that direction and/or reverse positions. Like I said... not too bad if there is actually a trend happening. Not so hot if it is consolidation, because the opposite is what happens. I got away from candlesticks for a while and went back to western-style bar charts. But, if using candlesticks properly can really help to indicate what might happen (in addition to my indicators), then I don't mind re-visiting them. Back to the original chart posted at the beginning of the thread, I see a hammer with a long wick at 10:30 at Support 1.2264, then the accompanied upward price action. The inverted hammer around 11:00 shows reversal back down... but does that necessarily indicate that Support would finally be broken here? The similar Hammer followed by Inverted Hammer action that happened around 7:30 and again around 9:00 did not show follow by a downward movement in price (or a break of Support).
I think you had plenty: downtrend with lower highs lower lows, long upper shadows on green candles, double tops, a few hammers, a few doji.....what more do you need? But then again, it is a question af how much trust you put on these indicators and how likely you are to act upon them.
That's what I'm saying... if there were plenty of signals in the candles, then maybe I should re-visit them and learn more about them in detail.
Well, yes, 1.2260 level has been tested twice already, the more times S/R is tested the more likely it is to break on the next try (according to ME anyway). Also there's the inverted hammer marked by IH (bearish) and the pattern of green candle, disrespected 3 consecutive inside small red candles (bearish).
True. But those IHs were not triggered by the takeout of their Lows on the next candle. So in a sense that kind of saved us. Also those are green inverted hammers and NA found them very un-reliable (and so did I so far).