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Strategies & Market Trends : TA-Quotes Plus

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To: Richard Estes who wrote (8540)	2/2/1999 6:29:00 PM
From: sean sanders	Read Replies (1) of 11149

Richard, I havn't done any tests on candles personally, but I have seen a few books ie Morris's candle book talk about tests. I have done numerous scans in the past looking for specific candles, but I really havn't found scanning for candle patterns that reliable. Although there are a few candles that lend themselves to nice price moves ... ie the hammer in a downtrend. I prefer to use other criteria for my scanning purposes and then use candles as a confirmation for the buy and also to help with the sell. Although, I have been fooled by the candles when it comes time to sell ie like seeing a hanging man in an uptrend (I don't like that candle - got burned a couple times thinking a downtrend was coming when it wasn't). a long explanation to your question :) I may decide to use one of the comp indicies like you suggested, but it is still nice to talk DOW when the conversation comes up. Sean

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