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Strategies & Market Trends : Charts for Quick CASH $$$

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To: N/E PATSFAN who wrote (4429)	10/22/1997 12:44:00 AM
From: Galirayo	Read Replies (2) of 9262

[ Candle Chat ] NEPF. ==> Got that black candle today....my question is ... does that confirm a reversal of the white candle and predict furthur downside or does the black star followed by a black candle confirm a reversal of the downtrend triggered by the white candle ? ==> It's a bit of a complicated pattern. I'll give you what I see. IMAT shows a Pure White Bozu on 10/13. A Bozu is a Reversal Candle. Since it is the 1st Reversal candle in the trend it now becomes the Flag Ship Candle. It was the one that started the trend to an Up Trend. 10/14 .. Black Spinning Top. Not a reversal candle. But a Hirami Formation which reverses the trend to down even though the Spinning Top is not a Reversal Candle. 10/17 .. Hirami Formation. White Spinning Top. Trend is now Up. 10/20 Star or Spinning Top. Since the Bodys are gapped it's a Star. Needs a specific Size Black Candle for confirmation of an Evening Star Pattern. 10/21 ... Black Bozu Confirms the Trend to Down and becomes the Flagship. But it is not and Evening Star Pattern. The Black Bozu would need to close below the Midpoint of the White candle on 10/17. So .. now ... if you have all that ... It is a Candle Reversal to a downtrend ..and ... Not a Candle Pattern Reversal to a downtrend. It's not as powerful as an Evening Star which normally occurs at the Top of an uptrend. Candles are Short Term indicators and change frequently. Moving Averages and other indicators are for a bit longer term. If it finds support on one of the MAs it may consolidate and move up again with the 13DMA , 30DMA , 50DMA or one of the others. On that move it did it cleared the 50 the 100 and the 200DMA. The MA's say the Trend is Up today. And it has been finding support on the 10EMA and the 20EMA. The Candles say Down. That's a tough question you asked NEPF. I hope I gave you enough to go on. Regards, Ray

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