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Strategies & Market Trends : Candlestick Charting--The unknown indicator
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To: SEAS who wrote (1483)1/10/1999 1:22:00 PM
From: Atin  Read Replies (1) of 1589
 
Candlesticks for AMZN as of 1/8/1999.

I would call this pattern a "meeting lines" pattern even though it doesn't fit the strict definition as the closing prices aren't exactly equal. The daily range on AMZN is very wide so a less than 2 point difference might as well be the same. This is a bearish pattern, but due to the recent uptrend (and long term uptrend!), and the recent rising windows, and the recent bullish engulfing patterns, and the recent long white candles, shorting AMZN based on candlesticks is not what I would do right now! I would protect long positions with stops as this little run might be winding down but this is not a downtrend.

Many of the internets showed the same sort of pattern on 1/8/1999, namely, a rising window (gap up) at the open followed by either a close near the open or an actual drop down to the previous close (LCOS, ATHM, YHOO, EBAY). All these stocks seem to call for protective stops at this time.

-Atin
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