candle forecast for February 22-27

Looking at this week's forecast, I'd say the dragonfly on the eur points to upside action. However, I won't be entertaining a long position before I see a daily close above 1.30. If 1.30 offers strong resistance, look to go short with a target of 1.26.
Last week's spinning top suggests that sterling is also range-bound. As the trend is still down, I'm looking for downside action around 1.46 with a target at 1.41.
Last week's upside jpy action paid me well. However Friday's US banking jitters have left me looking for signs to go long around 92 with my sights set at 94.50.
Last week's chf candle was distinctly bearish. I'm waiting for a clean break of 1.15 before jumping in.

candle calls January 26-30

Now on to this week's calls. I made two on Sunday night when I said I was selling pound against the dollar and buying the dollar against yen.

Let's take a closer look:
gbp/usd: last week's long black smashed through long-standing support. We are bearish on cable this week.
support: 1.3500, resistance: 1.4370

usd/jpy: last week's long black formed an bearish engulfing with the previous week's short white. however, those long lower shadows and the tweezers which are formed by last week's candle and the similar long black of dec 15-19 suggest a bullish move for the pair.
support: 87.00 resistance: 90.00, then 92.40 and then 94.00.

Quick call as the market opens...

The week's a couple of hours underway so this is a quick post to make my calls:
usd/chf sell
usd/jpy buy

the full details will follow tomorrow as per usual.

goodnight.

excuses, excuses

...it'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.