Hi Sherman,
>>Thursday's candle looked like a shooting star,
I was torn between an imperfect doji and an imperfect shooting star. My first draft of that note had it labeled a shooting star :) The ideal doji would have had no real body and the ideal shooting star would have gapped above the prior real body. Both represent failures at resistance.
>>The volume on Thursday was much higher than Friday too, but I'm not sure what that means.
In a 3 candlestick pattern, heavy volume on the 3rd candlestick would increase the likelihood of a reversal. Since we don't currently have a multi-period pattern, I don't know how to interpret the volume either except that I know the volume was heaviest on Thursday when the price was rising, so I think that increases the likelihood prices will continue up.
>>Anyway, I'm holding.
I am too. In fact, I'm thinking of buying more with a buy-stop above Thursday's high on the theory that, at that price, the hanging man would be out of play.
Good to have someone else doing candles on FORE. Have you looked at weekly candles?
ed |
