Saturday, December 6, 2008

excuses, excuses's been quite a week and I just didn't get a chance to add to the blog. I suppose that the web is littered with blog debris, projects that started full of hope only to crash and burn after a few posts. A few more dormant episodes like this week's could add CoC to that sorry list and only I can ensure it doesn't happen...

as I wrote last week the candles were only shining on one of the majors, gbp/usd:

gbp/usd (candles for 17-21 & 24-28 Nov) the weekly candle that closed on the 21st was an inverted hammer which is a weak bullish signal at the bottom of a move. The following week provided confirmation in the shape of a long white. the candles were saying sterling would rally but as we now know, they were wrong. cable fell 623 pips from Dec 1st-5th. That's a pretty significant -4.23%. Coo! this it leaves the Colt on Candles forecast rating at a somewhat diminished running total of +5.01%.

will the candles keep their heads above water? only next week can supply the answers. tomorrow we'll see what the candles foretell for the coming five days and a quick scan of the charts now shows that we have clear signals on two pairs: cable and dollar/yen. tomorrow's post will deliver the full lowdown.

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