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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: chowder who wrote (92905)7/31/2001 9:39:22 AM
From: Roebear   of 95453
 
dabum3,
Nice post and have to agree with your st trading in this market!

REI also use candlesticks to help identify possible trend reversals. Candlesticks are used mostly with opening and closing prices. I was hoping to find a tool to help with intraday, to help avoid waiting on a closing price. I was hoping you, or someone else, might be able to identify what it is you are looking for when reading the tape. I understand the analysis is subjective, but I thought they'd be something specific you'd be looking at, something that would catch your eye and make you pay closer attention.

While reading the tape is not reading charts, I find that candlesticks set to short time frames of 5 min/2days, 15 min/5 days and 60 minutes are useful in identifying short term patterns. Intraday works the same patterns as daily and weekly charts, the patterns are just of shorter validity. That st TA read combined with a "feel" for the flow of prices AND that includes some understanding of the MM or specialist thinking is pretty close to tape reading.

www.securitytrader.com has a low priced 7 day trial and an EXCELLENT intraday board where they and many subscribers post a lot of intraday charts with candles. Some of these folks are very good (warning, they are also VERY nimble!)and it is worth going there just for the education. SOme of the best short term and real time intraday charts I've seen anywhere!

Hope your back gets better soon,

Roebear
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