Trading Hammers (revisited)

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April 23rd Friday

NYMEX Light Crude Oil CL Futures
applicable to QM Emini Oil Futures

Bullish White Hammer Pattern
Sub-group: continuation signal
Chart Interval: 3min

(also applicable to QM Emini Oil Futures)

The bullish white hammer pattern occurred within a key price area. However, the long lower shadow produced it's own key price area that could had setup other trade signals via a different method that's different from Japanese Candlestick patterns.

This is one of the main reasons why I like Hammer patterns because they sometimes (not always) identify key change in supply/demand that can be used to confirm other trade signals that occurs within the identified key price area regardless if you like to trade hammer patterns or not.

Mark
 

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Quote from maximillion:

PCBC financial industry sorry it is not futures.
Bearish signal, confirmed with Inverted hammer.
is it valid?
More...

Hi,

I've only discussed the price action and rules of the following...

1.Bullish White Hammer
2.Bullish Dark Hammer
3.Bearish Dark Inverted Hammer

Thus, I don't know if your white inverted hammer is a valid pattern signal.

Mark
 
Quote from patrick_h_wang:

I mean the range is huge so it can act as major support level.
Thanks.
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The ES daily chart dark hammer line on May 6th is a key change in supply/demand and volatility along with testing a prior key change in supply/demand/volatility.

Thus, as you noted, the dark hammer line is now a support zone of it's own. Its value will be determined if/when prices returns to that key price area. The long lower shadow is also big enough to be very dynamic...look for Long or Short signals if/when price returns to that key zone.

By the way, there's another key area sitting above current price. It's that price action on May 4th Tuesday. Yet, that has nothing to do with Japanese Candlestick analysis. It was just a breakdown through support (now acting as a resistance zone).

Mark
 
wrb - i was going through some old stuff, and know you used to have that thread. there's a link to it on the front page of this thread...

but it's now no longer there. i can see the first page of it through archive.org. what happened to that old thread, and is it still available anywhere?

apologies if the answer is somewhere in the middle of this thread.
 
Quote from gaj:

wrb - i was going through some old stuff, and know you used to have that thread. there's a link to it on the front page of this thread...

but it's now no longer there. i can see the first page of it through archive.org. what happened to that old thread, and is it still available anywhere?

apologies if the answer is somewhere in the middle of this thread.
More...

Baron or ET management a few years ago started pruning (removing) old inactive threads. I think he said if the thread has been inactive for 5 years...he gets rid of it. He stated this in the feedback thread when long time members were wondering what happen to the old ET threads.

His response was what I stated above. However, he also said if someone request access to the old thread...he can bring it back. I guess that tells me he removes them from the server but stores them somewhere else.

By the way, there was discussions in that old thread I didn't like which is what prompt me to start this thread via calling it "revisited" so that it's more about the "price action" of Japanese Candlestick Analysis.

Mark
 
thanks for the reply; i'll post in feedback and PM him to see if it can be brought back.

appreciate the posts in here, i plan on going through them soon.
 
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