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Strategies & Market Trends : Candlestick Charting--The unknown indicator
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To: John Gault who wrote (1017)12/21/1997 5:03:00 PM
From: JPR  Read Replies (1) of 1589
 
John Gault:

<<The symbol is FPFG. looks like a hammer confirmed by fridays 15% gain BUT.... all the run-up on friday was the within the first three hours(change to 60min chart)then flat. Is this a reversal pattern or simply confirmation of the downward trend? The heavy volume in the last two days would make it appear like a reversal pattern but the light volume and flat price in the last five hours of friday make it look like confirmation. Contradicting charts? suggestions anyone?>>

I am the kind who offers an opinion and regrets to learn later.

Look at the hourly last 6 candles in the chronological order from the beginning to the end.

1: High wave candle, indicating a stand-off between bulls and bears.
2: Black spinning top indicating lack of decision as to which direction to turn
3: A white candle, a bulish turn
4: Another spinning top, lack of direction
5: A hanging man with an unshaven head, not a bullish sign
6: Another spinning top indicating lack of direction.

It appears that it started out bullish, going on to a stand off between bulls and bears and ending with a sense of loss of direction. Overall it looks like loss of direction.. With a diminishing volume from the previous day, it is of negative import. Also look at the accompanying momentum & Stochastics - Topping off in an overbought area. Rising price and falling volume - dissociation.

Warning: I am very rash with my statements.ggg Take it at your own risk.

Paul
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