Beebs, re:intraday candles...
Below URL is a 5-min chart for $NDX.
iqc.com
If you're familiar with basic formations, you'll note the following:
* 9:45 Morning Star (bullish reversal)
* 10:10 Dark Cloud (bearish reversal)
* 10:25 Morning Star
* 12:35 Evening Star (bearish reversal)
* 3:00 Hammer (bullish reversal)
Of course, there are other formations (many non-confirmed)... but you get the gist. The trick is to identify the appropriate interval (eg, 5min, 10min), and to seek confirmation. I've found intra-day index 'sticks to be helpful when augmented with other TA tools; over the past several days, I've day-traded DELL, CSCO options using $NDX candlesticks as a sentiment barometer. [In a sense, this echoes the commentary from MGonzo -- although I can't hold a candle to his prowess.]
Since reversals may occur without warning, common-sense trading discipline is (of course) required.
GT,
Alan |
