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Strategies & Market Trends : Technical Analysis - Beginners

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To: Trader X who wrote (11178)	1/31/2001 8:36:19 PM
From: Michael Watkins	Read Replies (4) of 12039

Shooting stars everywhere There was a time when the Bull was still energized that playing contrary to a shooting star was the thing to do. I.e. follow a retracement from a shooting star with buy stops just above the down bars - perhaps for a couple or three daily bars and give up if nothing. We started calling them "I Dare You" Shooting Stars, because of the frequency (intraday and daily charts) at which they were being broken to the upside. Often they were violent, rapid moves up, gap up even. I suppose those times have not returned as yet, but one lesson learned was that some candles became less useful over time. Just like 'hammers' have been so frequently broken to the downside on the downhill trip. Piercing Lines and Dark Cloud Cover hold a little more currency with me, mostly because if you think about the market forces that have to come together to cause them, its much more likely that they will 'hold' for at least a decent swing run. Note I am not saying that candles do not work, just pointing out an observation and an adaptation that some of us have made.

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