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Strategies & Market Trends : DAYTRADING Fundamentals -- Ignore unavailable to you. Want to Upgrade?

To: OZ who wrote (4281)	9/20/1999 10:43:00 PM
From: Herc	Read Replies (2) \| Respond to of 18137

Admittedly, I don't know diddly about intraday candlesticks. But I have made some good calls on end of day candlesticks. In fact, I've been following PCNTF closely the last few days, and intraday candlesticks offered no help. Maybe Oriental stocks are immune to candlesticks.

To: OZ who wrote (4281)	9/20/1999 11:28:00 PM
From: Dan Duchardt	Read Replies (2) \| Respond to of 18137

OZ, . . . he has to beware that he does not fall into the trap of letting the faster bars shake him loose. This is in my opinion the biggest problem for the new daytrader. Or rather, the biggest catalyst to emotional reversals. Three down candles mean nothing in the context of a daily bar swing type setup. The minute you rollover the stock will do what it was "supposed to". Almost feels like a conspiracy when it happens. I believe this is my own greatest obstacle to successful trading. I have a real knack for letting positions go at the precise bottom of a dip. On Friday I gave away CSCO at about 2:40 at (you guessed it if you looked at the chart) 72_1/16. CSCO went on to close at 73_1/2. At the moment I'm using something less than the most effective trading platform, so that was a factor in my decision, but even with a direct access platform there is still the well honored concept of a stop. How do you balance the idea that three down candles mean nothing with the fact that 3 5-minute bars can at times be a 5-10% drop and the need to protect profits and avoid losses?? Dan

To: OZ who wrote (4281)	9/21/1999 12:27:00 PM
From: fftrader	Read Replies (3) \| Respond to of 18137

OZ, How did you know that Clint Eastwood was a daytrader?? I've just got into candlesticks the past month or so (reading Nison's book)and it seems to me that the validity of the candlestick time frame,i.e.5min.,has a major correlation to the average volume during that time frame. On this thread most folks do not trade stocks with a av.vol.less than 100,000 a day. Well if you divide that by the 5 min candles you come up with an av. of 769 shares traded per 5 min. period. I don't think that is enough vol. to validate a 5 min. timeframe. Do you or anyone else reading this post( that have used candlesticks for awhile) have any imput regarding what vol.works best with specific candlestick time frames?? Go ahead make my day.........ff