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Strategies & Market Trends : Bosco & Crossy's stock picks,talk area -- Ignore unavailable to you. Want to Upgrade?

To: Jerry Olson who wrote (2345)	11/22/1997 9:30:00 PM
From: Crossy	Respond to of 37387

Jerry, thanks alot and welcome among the users of candlestick. My view of this is: this ain't no downtrend. Those hammers are bullish bottom reversals, shortterm of course. Hammers are always bullish (by definition, even if they contain red bodies). The opposite would be a shooting star, The difference - they are a reversal, so it's the price range that counts. A "hammer-like" at the top is a shooting star and consequently bearish. Anyway, my take of this: this market is going to retest old highs in December. In January new highs should follow. After 20% above old highs I would hedge any bullish position in February. <G> The confirmation lingo is ok. It would be sufficient if the market opens above the close or moves higher in the first hour of trading... I read Nison's book carefully. He stresses the use of multiple TA techniques at the same time. I think this is a good receipe. Candles in DOW & S&P (OEX) point: UP. Candles in NAZ point sideways shortterm. Using Volume & candlesticks together yields some nice results. Reversal days with marginal volume and a doji candle that is confirmed next day (as reversal) often points to very significant tops & bottoms. best regards CROSSY