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Strategies & Market Trends : Stochastics
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To: kvogel who wrote (856)9/8/1998 8:03:00 PM
From: Wayners  Read Replies (1) of 927
 
I've studied candlesticks but don't use them because the signals are too late for what I'm trying to do. I want signals before the close. The pullback to $9 just shows profit taking as others realized that it had retraced about 50% of the last drop. When the profit taking was done, demand was still there exceeding supply and you got a strong close. Strong closes are usually followed by a gap up the next day which repeats the profit taking cycle once again unless there is company specific news to make it set a new high after the first 30 to 45 minutes of trading. I'm a daytrader but do some overnite gap plays too.
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