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Strategies & Market Trends : Candlestick Charting--The unknown indicator
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To: ftth who wrote (1031)12/23/1997 11:30:00 PM
From: John Gault  Read Replies (1) of 1589
 
Hello dave, I agree with you that trying to identify every valid candlestick pattern that one may wish to invest in would be impossible, not to mention a waste of time because no one has the capital to invest in all of them. That said, it has been my expirence that some patterns are easier to identify and have a higher probability that the stock will move in the direction the pattern suggests.
Here is one(some percentages may need to be adjusted and should be run though historical data to test the model).

"Dark cloud cover"
for stocks between 20-50 dollars per share.

* in the last 180 days the stock has risen 70+%
* at the of the pattern, white candlestick must close within 10% of the 180 day high
* white candlestick must be 5+% gain on 20-35 and 3+% on 35-50 dollar stocks
* black candlestick must open 1/4+ point above white and 1/2 hour before closing must be 3/8 (for 20-35) or 1/2(for 35-50) of a point into white candlestick.

clean and simple. will it get them all, no! Would I buy the put option with only the above information, good chance.
Will a pattern like this show up every day, I don't think so. does it have to???

can you download the data at 3:00 from quotes-plus?

cheers
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