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

To: MonsieurGonzo who wrote (878)	12/6/1997 3:49:00 PM
From: Esteban	Respond to of 1589

Steve, Glad you're back. It's hard to keep the interest in indices high on the thread, which is understandable since most of us own individual stocks. But I maintain that candlesticks apply more accurately to indices than any other vehicle. At least that's where they should be most accurate, and is where I'm trying to prove to myself the validity and practicality of using candlesticks as a basis for short term trading. Re oil stocks. I've been following the tech options thread because that's were the best index discussion seem to take place, and Donald Sew has been trading OSX and is very bullish on it. You might look for his posts. My quote service has the data screwed up for the last two days, so I can't give you an opinion on XOI etc., at least not now. Interestingly on SPY on Friday, I kept expecting the rally to correct, and I was watching the 90 min candles form reversal patterns while in progress. But when the time periods closed, what emerged was a bullish candlestick. Underlines the fact that it's important to wait for the close of the period before thinking you have a reversal candlestick to act on. Finally, we closed with a hanging man following a spinning top that approached a hanging man, so maybe we'll get a pull back soon before blasting off. Esteban