Candlestick Charting--The unknown indicator Message Board

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Strategies & Market Trends : Candlestick Charting--The unknown indicator

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To: MonsieurGonzo who wrote (651)	11/19/1997 9:58:00 AM
From: Esteban	Read Replies (1) of 1589

Steve, >>You can look at 1-min/5-min/10-min/15-min/30-min/60-min candles, and they all say the same thing (regarding turning points). Some are more clear that others - for example, a bullish engulfing pattern consisting of two candles on a 5-minute chart might appear more clearly as a Hammer on the 10- or 15-minute chart. It's useful to flip around between these time scales to see what's what. In general, I watch 5-minute candles, switching to 15-minute candles to see a different perspective.<< Maybe the same pattern would result from combining candlesticks from smaller time frames, like the pattern breakdown drawings in Morris' work. That is 3 five minute candles combined would look like the 15 minute candle. I'll be checking intraday candles like you suggested. These intraday patterns could be a terrific early confirmation for daily patterns that require confirmation. Also seems like a great way to become more familiar with and learn to interpret candlesticks: watching them form in real time! Thanks for the report. Esteban

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