AlanH; RE:" Butcher, Baker, Candlestick Maker "
I've learned to disregard some of the Hammer 'sticks that occur within the last 12 minutes or so of the session, as often this is either short-covering or, professional scalpers who will bet 'n bail on a futures (or 'buy @ MKT on open') opening blip. In the main, Donald's observation about "where we close" has a lot of statistical validity (not to mention good gut-level experience on his part).
Lisa advises us that the iqc charts for indices are delayed -? I dunno, as I'm addicted to quote.com - though some of my friends love to use intra-day stochastics with their 'sticks. The way that the futures traders (on SI) use the tick w.r.t. the S&P is very interesting, don't you think ?
>over the past several days, I've day-traded DELL, CSCO options using $NDX candlesticks as a sentiment barometer...
wow, that brings back some memories, man (^_^) That's how I began day trading a couple of years ago, using the old NASDAQ website's chart. I used to capture, cut and paste charts from off of the WWWeb, print them out and draw lines on them with a ruler {grin} We were trading the old INTCW back then.
Well Alan, everyone seems to think we're gonna re-test OEX ~522 supports ("maybe tomorrow...") and many people believe that supports will not hold...?
I'd be more bearish if my friggin' S&P weekly charts/stochastics would stop tellin' me that this is a buying op. w-e-i-r-d
-Steve |
