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Strategies & Market Trends : Candlestick Charting--The unknown indicator -- Ignore unavailable to you. Want to Upgrade?

To: ted birnbaum who wrote (860)	12/4/1997 6:55:00 PM
From: Esteban	Read Replies (2) \| Respond to of 1589

Ted, On the daily chart IMCL shows a strong dark cloud cover. Morris says no confirmation required. So as far as the candlesticks go, looks like you're on the right side of the fence. OTH there was a major breakout today on high volume, so be careful. If I was playing it, I'd cover if today's high is violated. I haven't been able to find good correlation out of candle patterns of less than 90 minutes. You get different and often conflicting patterns by choosing time frames that vary slightly. I think 90 minutes has been working well for me (so far) partly because it coincides with some intraday periods that provide a quasi open/close phenomenon. Mine start at 9:00. 10:30 sort of wraps up the morning attack, 12:00 wraps up the morning session, and 1:30 is near the beginning of the afternoon's serious trading. BTW, the 90 minute candlestick pattern for IMCL doesn't say anything right now. Had a HUGE black candle ending at 3:00 followed by a small white candle. It's a harami, but needs LOTS of confirmation that could easily turn into a falling 3 methods bearish continuation pattern. Esteban