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

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To: Galirayo who wrote (4959)	11/9/1997 1:27:00 AM
From: HeyRainier	Read Replies (1) of 9262

[ DEBS/WWLI/Scans ] Ray, That's an amazing pattern DEBS has developed. It's clean-cut. As for WWLI, the resemblance is there, but the spreads appear unattractive for such a small stock(historically, it appears to have had up to 1/4 point spreads for a $1 stock!); I think it would be better to pass this one up, and if the stock didn't move, you'd get hurt too easily from the spread just by trying to get out. The scans are interesting indeed. Gregory Morris, in his book "Candlestick Charting Explained" showed some back-tested results for candlestick patterns, and how they performed after a given pattern had emerged. The patterns that showed good trend-change indications over various time periods were: 1) Three Black Crows 2) Three White Soldiers 3) Three Inside Up 4) Three Outside Down 5) Dark Cloud Cover 6) Three Outside Up I myself like to use the Dark Cloud Cover as a near-term short sell criteria, particularly in overly hyped issues that have experienced unwarranted run-ups resulting from extreme optimism or exuberance. The adding of this "overbought" criteria to the filter scheme has resulted in a fairly high success level for the ones I have witnessed it for. Regards, Rainier

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