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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures

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To: John Pitera who wrote (33201)	9/9/1999 9:22:00 AM
From: Chip McVickar	Read Replies (2) of 44573

John, Yes, DJIA was the only index to show an outside day. There appears to be some subtlety to outside days: "By themselves reversal days are not of major importance, but in the context of other technical information, it can sometimes be important." ·outside day must exceed the previous days interday high/low, but closing outside these interday moves is important ·in a strict interpretation it must do this with significant numbers ·along with this the volume needs to be heavier on that day over proceeding days ·depending on where it forms in the chart an outside day can become a Key Reversal Day, but this is not known until a few days later. Note: excerpted from Murphy's TA book Yesterdays action shows neither volume or a close above the previous interday high. Any interpretation for an expected follow through would be based on this information. If you look back at other similar days as in 5/18/99 DJIA...you will see a light follow through of trend reversal. Lets see what happens Chip

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