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Strategies & Market Trends : Waiting for the big Kahuna
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To: stan s. who wrote (24920)8/22/1998 6:17:00 PM
From: Monty Lenard  Read Replies (2) of 94695
 
The safer read would simply be a bullish long lower shadow.

Hi Stan, let me intrude also. :-) I agree with you in that a hanging man is a hanging man when it occurs in an uptrend not in a down trend nor a down day. The candlesticks I am looking at are hammers which are a GREAT short term reversal pattern expecially when they have such a long lower shadow as we have and occur on high volume.

Quote:
The Hanging Man looks very similar to the Hammer, it is made of single candlestick lines, with a long lower shadows and a
small body at the top, with virtually no upper shadow or a very small one. It occurs at the top of the uptrend or during an uptrend.
Like the Hammer, the color of the body indicates how strong the day is: a black body is more bearish than a white body. The
confirmation of a hanging man would be that the next trading day opens lower.

Recognition Rules

The shadow is about two to three times longer than the real body.
The body has either no upper shadow or a very small one.
The color of the body is not important.
The real body is at the end of the trading range.

Hammer is a single candlestick line, with a long lower shadow and a small body at the top. Hammer occurs during a downtrend.
When the market has been in a downtrend, the market opens and sells off sharply than normal. However, the market returns to
the high for the trading day, despite of the initial sell-off. The color of the body indicates how strong the day is, usually a white
body is more bullish than a black body. Confirmation for next trading day will be a higher open and with a higher close.

Recognition Rules

The shadow is about two to three times longer than the real body.
The body has no upper shadow or a very small one.
The color of the body is not important.
The real body is at the end of the trading range.

End Quote.

Thats my 2 cents worth. :-)

Monty

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