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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures
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To: MonsieurGonzo who wrote (2317)8/24/1998 2:18:00 PM
From: Tom Trader  Read Replies (1) of 44573
 
Steve--once you started to talk about candlesticks I knew that I was out of my league!! One of these days, I shall get that Nison book to see if this is something up my alley. Though reading some of the posts over the weekend, I must confess that people seem to vary in how they interpret these things--seemed like opinion was divided that Friday's action was either a "hammer" or a "hanging man". Now I have no idea what these mean though I got the impression that the former was bullish and the latter bearish. But it did make me wonder if opinions could be so divided on how to read a particular candlestick, does that tend to make this more of a subjective process than an objective one.

>>My candlesticks say that the other DownTrend, from mid-July, was buried Friday in a "gravestone doji" intra-day.<<

And what does that mean for the market??

>>The OEX channel has support ~522.5, light resistance 537~540, heavy resistance ~545. <<

Is there a point that you would identify as support at a level higher than 522 based on your read??

Re the trend--thanks for your thoughts; it is the dream of every futures trader to have a relatively fool-proof way to identify accurately when a market is trending--and to do it early in the trend. If one could do that one would have found the "holy grail" because it is the easiest thing in the world to make money when a market is trending, as you know.

Thanks for the your comments and suggestions
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