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Strategies & Market Trends : YEEHAW CANDIDATES
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To: Galirayo who wrote (17578)4/24/2006 11:10:27 AM
From: Dennis K. Showers  Read Replies (2) of 23958
 
I agree that the Hanging Man by itself is not the entire picture. But, it is the warning light. It needs confirmation such as an bearish engulfing pattern, piercing pattern or a gap down on the open followed by a lower close. With that confirmation what has happened is that those that bought on the hanging man day and those that bought on the confirmation day are now loosing money and very nervous. The hanging man with the long tail also shows how vulnerable the stock is to a sell off-all those profits made last week are being protected.

I agree with your comment on today's candle. So far it seems to be the confirmation-bearish engulfing. Time will tell.

I received my candlestick education from Steve Nison's book 'Japanese Candlestick Charting Techniques'.

Thanks for the welcome,

Dennis
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