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Strategies & Market Trends : DAYTRADING Fundamentals
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To: Herc who wrote (4280)9/21/1999 4:30:00 PM
From: TraderAlan  Read Replies (2) of 18137
 
Herc,

Day traders don't care much about "investor sentiment". 5-min candles are very potent at the right time. The trick is knowing when to ignore them and when they have significance. It's usually a function of position, range and volume (as determined by the T&S, not volume histograms).

The biggest confusion for those new to candlesticks is the cut and dried interpretations given by Nison and Morris. Those are useful in the context Teresa provides in her commentaries. But for the shoot-from-the-hip day trader, more important are the classic reversal formations in the next smaller time frame that candles reveal. When you see a long-legged doji on the 5-min, you can be assured that something significant has just occurred on the 1-min bars.

That's the value of candles: their ability to visual multiple time frame events in single bars.

Alan
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