I am not a financial adviser so you should not take any part of this blog as being financial advice. Observing and interpreting charts is a hobby and so is this blog. The information in this blog is just my opinion, it may not reflect reality. Stock market investing is risky - you can lose all, or potentially more than all of your money given certain market conditions. Not only can you lose a lot of money buying shares, you can also lose a lot of potential profits by selling shares at the wrong time. So please do not buy or sell shares because of information in this blog. Whether you buy or sell shares is your decision as is the decision when to buy and sell. Do not risk any money you cannot afford to lose. Do not risk any money if you do not fully know and understand what you are doing.

Sunday, June 19, 2011

Homing pigeon points to possible reversal

The homing pigeon is a candlestick pattern similar to the harami (inside day). Such a pattern appeared on Friday on the All Ords. An up day Monday is needed to confirm the reversal. Whether that then turns into an up move of substance is not evident at the moment. The first thing we would need is an up week and then confirmation of a reversal on a weekly chart. Then the XAO Indicator might turn blue again.
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