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Strategies & Market Trends : Chart Formations

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To: Mel Long who wrote (166)	7/13/1999 5:39:00 PM
From: keith massey	Read Replies (2) of 967

I read somewhere (I think John Murphy's book) that candlestick patterns are only reliable when the %D in stochastics is above 80 or below 20. Just wondered if anyone concurred. I definitely don't agree with that one. I really liked Murphy's book but I think he might have been off a little if he said that. It is more important that the candlesticks occur during a trend. Stochastics may be at 80 or 20 but they also might not be depending on your settings, time frame, etc. It is more important that you use candlesticks with other indicators to be on the safe side. These other indicators/signals might be Stoch. or they might be support/resistance or another indicator/signals of you choice. In Nison classic on Candlesticks he mentioned that candlesticks were far more powerful IF used with Stoch but didn't say they had to be used with it. Best Regards KEITH

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