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Strategies & Market Trends : Technical Analysis - Beginners

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To: Dick Brown who wrote (9848)	3/15/1999 2:04:00 PM
From: Michael Watkins	Read Replies (2) of 12039

I know that some follow patterns and others do not. I certainly believe in the higher highs higher lows 'pattern'. Does anyone have opinion on the following: (Please forgive the Watkins(tm) high resolution chart graphics) \| [ ]\| X [ ]X X \| \| X X X \| \| X X X X --------------- fairly strong support at 20 \| X X going back 30 days. \| \| \| \| \| \| \| It had been trading in a channel between 20 and 22.50 for about 30 days. I jumped in a little early in this congestion phase based on CCI(13), MACD and StochRSI, but it failed to break through. Following the test of resistance, and a big dark bearish engulfing bar, it has headed generally downward for 6 days to support and last three below. Last week on Thursday (big spike above) it blew below my stop but I was out and didn't execute. Only time will tell if I'll be happy about that. Big volume on the big spike down. and higher than normal volume last couple days. CCI(13) crossing up through -150 today (last bar above, at least at this point). Long term MACD about to cross last few days. Does anyone have any thoughts on "inside days" as a reversal pattern? Or is it more likely that the pattern speaking to falling off a cliff! I have found bearish engulfing to be fairly reliable, especially near peaks. Do many you trade on patterns or use them as a leading indicator to other indicators? i.e. CCI or Stoch or MACD heading down in the case of bearish engulfing but not yet confirming your move. Do you use the pattern to supplement? I have found that bearish reversals are fairly reliable myself and bullish ones I tend to wait for the other indicators to come into line. I also find I can't look at a chart without candlesticks, it gives me a feel for the flow. Not always accurate feel, but its a feeling none the less... Cheers all, Michael

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