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Strategies & Market Trends : NetCurrents NTCS

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To: Teresa Lo who wrote (187)	10/3/2000 1:34:37 PM
From: davealex	Read Replies (1) of 8925

Does your group use Japanese candlesticks with Western Methods? Well, there are people of all different trading levels in the room -- from just learning to trade to extremely experienced traders -- but yes, the way you described in your article is the way many of us trade. One of our most profitable and stable plays is buying the opening 15 or 30 minute high on the day following a Black Marubozu which closed near multiple timeframe support. We scan for these every night and have them staring us in the face at the open. Once you are in, and you combine realtime 2, 5, and 15 min candlestick analysis (and monitoring daily support and resistance), you can generally see if it is going to take you where you want to go or if you should just take your initial thrust and bail. Most traders I know partial out at $1, move the stop to BE and move on to find other setups. Some partial twice and then trail under 5 min bases. These plays can generally run back up as large as the Marubozu it is countering, with light basing pullbacks. The strength of the run, of course, is tempered by the overall mkt. Dave

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