Hi Mark, you explained to an earlier question, you see support and resistance different from most automatic software. So how different is your outlook from other traders? Also what is logic behind the statement a candle at 59 min does not mean anything till it close. Is it self fulfilling aspect of forex ie more traders waiting for candle to close? Thank you

The reason I see it different from automatic software is because of the inherent difficulties of programming software to recognize things as a human does. For example, lets say we code an SR indicator that checks the last 100 candles on a chart and gives you back the SR. If we are in a strong downtrend there might not be an evident SR in a nearby timeframe. As a human I just back out to a larger timeframe and can easily spot the SR. Also, do you code it to check highs/lows/opens/closes? How many candlesticks until support is valid? If you have 3 wicks that all had lows within 3 pips of eachother is that now a support level? What if you had 10 lows within 10 pips of eachother – is that support? These are all things the human eye/experience can very easily cope with but would mean many many lines of code, hours of troubleshooting,etc. I’m not saying it can’t be done – I’ve just never seen an indicator that does a very good job at it.

Regarding the candlestick closes in my experience it is just a whole lot safer to wait for the close. Obviously if you act on a candle at 59 minutes and 59 seconds there is little chance that candle will change drastically. But I answered Andy’s question about ANY time during the candlestick, not just 1 second before close. I’ve seen candlesticks that look great at 30, 40, 50 even 58 minutes that have changed from a sure signal into something completely different by the time it closes. Again it all boils down to how aggressive of a trader you are. The more aggressive you are you will get a lot more signals, true, but you will also have a much higher drawdown in your account because a lot more of those signals will be false. Same concept as using higher timeframe charts to get better results vs. lower timeframe.

Was that a shooting star wich just formed on 1h chart ? or does it only formes at the top ?

candlesticks reversals are only significant when formed at the top/bottom of a range or near support resistance. In my experience they are most reliable when they have a long wick that goes above/below all other price action.

Mark , when Its time to enter will the targets be the ones you gave earlier or do we just …

Depending on where you enter you could add a target either at the top of congestion at 1.4775 or bottom 1.4755.

Am I correct to say that the short-term trend is now bullish? Should we start buying dip?

You could buy dips but be careful around 1.4815 as that is stronger intraday resistance and could limit gains. I’d like to sell on a bearish candlestick around 1.4800 myself.

To ask again, can a shooting star also have a lower shadow or must it strictly have a low close to be a valid signal? Or are there any grey areas?
Are these signals only valid once at the start of the new hour? What about when signals occur somewhere within an hour?

It can have a lower shadow but it should be very very small but, yes, there are grey areas. They are only valid on a CLOSE. Frequently you will see what looks like a perfect signal even 5 minutes before the close of the hour only to have it completely gone 5 minutes later.