Good Morning Steve et all..
I'm getting ready for another EAGLES debacle today, man what a pain in the ass, they are!!!!
Anyway here's my friend from Austria, Crossy, I think he will be a welcome addition to this thread... He's young, bright, and very knowledgable about Candles.....
At the same time, A CAVEAT!!!---- you CAN get TOO technical boys...watch out for over evaluation...Also if you include a TRIX ...a Triple Exponential Smoothing Oscillator, as an intraday indicator I think this will help confirm your candles direction...
One of the best Magazines I have found that has exceptional info, I mean technical info, is "Stocks & Commodites", very informative stuff inside..The June 97 issue had this TRIX in it.. Their ph:# is 1-800 832-4642 if anyone is interested...
Your all heading in the right direction...with some new and skillful additions here, "hey who knows what lurks in the minds of men"...
This of course is WAY over my head<g>... just point me in the right direction OK??? <VBG>.....i'll do a little gambling and just have fun!!!!
Thanks and i'm enjoying the coming together of bright minds....
Regards from Phila, Jerry
To: Options Jerry (2345 )
From: Crossy
Saturday, Nov 22 1997 9:30PM EST
Reply #2346 of 2346
Jerry,
thanks alot and welcome among the users of candlestick. My view of this is: this ain't no
downtrend. Those hammers are bullish bottom reversals, shortterm of course. Hammers
are always bullish (by definition, even if they contain red bodies). The opposite would be
a shooting star, The difference - they are a reversal, so it's the price range that counts. A
"hammer-like" at the top is a shooting star and consequently bearish. Anyway, my take
of this: this market is going to retest old highs in December. In January new highs should
follow. After 20% above old highs I would hedge any bullish position in February. <G>
The confirmation lingo is ok. It would be sufficient if the market opens above the close or
moves higher in the first hour of trading...
I read Nison's book carefully. He stresses the use of multiple TA techniques at the same
time. I think this is a good receipe. Candles in DOW & S&P (OEX) point: UP. Candles
in NAZ point sideways shortterm. Using Volume & candlesticks together yields some
nice results. Reversal days with marginal volume and a doji candle that is confirmed next
day (as reversal) often points to very significant tops & bottoms.
best regards
CROSSY
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