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Strategies & Market Trends : Ask DrBob
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To: Drbob512 who started this subject9/3/2000 1:40:46 PM
From: manfmnantucket   of 100058
 
QQQ HANGING MAN

I'm seeing this pattern in a bunch of individual charts
as well, from Friday - but it was very light volume so
that might discount the importance..

description ------------------->

For the Hanging Man, the market is considered
bullish because of the uptrend. In order for the hanging
man to appear, the price action for the day must trade
much lower than where it opened, then rally to close
near the high. This is what causes the long lower shadow
which shows how the market just might begin a sell-off.
If the market opens lower the next day, there would be
many participants with long positions that would want to
look for an opportunity to sell. Steve Nison claims that
a confirmation that the hanging man is bearish might be that
the body is black and the next day opens lower.
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